For thirty years, Microsoft co-founder Bill Gates has been one of the richest people in the world, often the richest. While you don't accumulate his vast wealth without looking to constantly build upon it, Gates has also been one of the most charitable billionaires ever. Now, he says he will donate $20 billion to his Gates Foundation charity.
Over the years, Gates has put billions of dollars into the Gates Foundations, making it one of the most important charitable groups in the world. This was never about writing off taxes, a reason many rich people start charities. For Bill Gates and his now ex-wife Melinda (div. 2021), the Gates Foundation was a serious endeavor.
It battles against global diseases, education gaps, and lack of sanitation in developing countries. By putting $20 billion into the foundation, it will be able to increase annual spending to $9 billion per year by 2026. At the moment, the Gates Foundation is spending around $6 billion each year.
I am very proud of the foundation's role in helping solve big problems like preventing pandemics, reducing childhood deaths, eradicating diseases, improving food security and climate adaptation, achieving gender equality, and improving educational outcomes.https://t.co/D8rJrdoPOE
— Bill Gates (@BillGates) July 13, 2022
Gates' donation will also see him drop of the world's rich list. However, the decision is part of The Giving Pledge, a drive Gates started with fellow billionaire Warren Buffet in 2010. The Giving Pledge urges billionaires to donate 50% of their fortune to philanthropy. In announcing his $20 billion donation, Gates says Buffet has been one of the main contributors to the Gates Foundation.
“I have an obligation to return my resources to society in ways that have the greatest impact for reducing suffering and improving lives. And I hope others in positions of great wealth and privilege will step up in this moment too,” said Gates.
Together, Bill and Melinda Gates have donated $39 billion to the foundation since it started in 1994, as well as pledging to other charities. During that time, Gates has also continued to build his wealth, which has doubled since 2010. He is now worth $122 billion, according to Forbes.
Despite this latest huge donation removing Gates from the rich list, he will still need to increase the new wealth he gets each year is still more than he donates to charity.
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