Bill Gates to give away his wealth to the Gates Foundation and move on from the world’s richest list.
Microsoft co-founder, Bill Gates announced to donate 20 billion dollars to his and his ex-wife’s fund organization, the Bill and Melinda Gates Foundation.
The Gates Foundation is the largest private donor to the World of Health Organization.
The Billionaire Philanthropist, for 15 years consistently held the position of the richest person on earth from 1995 to 2010, and again from 2013 to 2017.
Despite Elon Musk having been crowned that title now, Bill Gates has a net worth of 129 billion dollars, which is significantly more than other billionaires like Mark Zuckerberg, Mukesh Ambani, and Warren Buffet.
However, Gates seems to have no wish to continue seeing his name on the top list of billionaires. He has vowed to reduce his wealth by giving off his money to his charitable fund.
In 2000, Mr Gates and his then-wife, Melinda established the Gates Foundation- a charitable fund that aims to fight global poverty, improve education, and eliminate infectious diseases.
Mr. Gates and Melinda separated in 2021 but continue to run the charitable fund together.
In the past 22 years,
Mr. Gates has donated approximately 57 billion dollars to the charity. He is to soon also donate the 20 billion dollars he announced on Twitter.
Gates makes the majority of his money from Microsoft stake. A large sum of his early donations to the foundation was gifts of Microsoft stock.
“As I look to the future, I plan to give virtually all of my wealth to the foundation. I will move down and eventually move off the list of the world’s richest people,” said Mr Gates.
He also added that due to global setbacks such as the pandemic, the Ukraine war, and the climate crisis, the foundation is to boost its spending to nine billion dollars a year by 2026. The current spending is six billion dollars a year.
Gates finds it morally imperative to give back to his society for the greatest impact in improving lives by reducing suffering. He hopes that other privileged people with deep pockets volunteer for the same cause.
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