Photo: Wink News
Bill Gates is transferring $20 billion of his ample riches into the subsidy for an organization he controls. It has seen its spending rise in recent years due to global issues such as the pandemic and the conflict between Ukraine and Russia.
The non-profit organization wants to increase payouts by 50% above pre-pandemic levels, from almost $6 billion to $9 billion annually in 2026. It is mainly setting its efforts on charitable giving that’s targeted at upgrading worldwide health, gender equality and education, and other matters at hand.
The business magnate and his former wife, Melinda French Gates, promised to hand out most of their riches to the foundation they built together 20 years ago and other different philanthropic initiatives.
In 2021, the pair revealed their divorce. However, they would continue to team up as co-chairs for a two-year trial period, after which French Gates can decide if she wants to quit her ex-partner’s foundation or be given a payout.
Bill Gates has risen to fourth place among the world’s wealthiest people, with an estimated net worth of about $144 billion. Most of his riches are from Microsoft shares.
However, he is not willing to sit in that high rank forever.
“I will move down and eventually off of the list of the world’s richest people,” Gates said in a blog post on Wednesday.
“I have an obligation to return my resources to society in ways that have the greatest impact for improving lives. I hope others in positions of great wealth and privilege will step up in this moment too.”