The founder of Microsoft made a $20 billion contribution to his foundation,
which would see a 50% boost in funding for global health, poverty, and
equality.
Bill Gates, the creator of Microsoft, has promised to dethrone himself from
the list of the richest persons in the world by giving away all of his money
to his own foundation, which he co-directs with his ex-wife Melinda French
Gates.
In a post on his blog GatesNotes on Wednesday, Gates stated, "As I look to
the future, my aim is to contribute all of my fortune to the foundation
aside from what I spend on myself and my family." "I will drop off the list
of the richest persons in the world someday,"
The Microsoft founder said in the article that he was transferring $20
billion to the Bill and Melinda Gates Foundation's endowment fund. Bloomberg
estimates that this accounts for one-fifth of his wealth. With this
contribution, Bill and Melinda Gates have given $55 billion throughout the
course of their lives, ranking them as the "world's largest philanthropists
of all time," according to Forbes magazine.
The Bill and Melinda Gates Foundation has stated that, as a result of the
donation, it would be able to expand its yearly expenditure on global
health, poverty alleviation, and equality by 50% until the year 2026.
Increasing funding is intended to solve "compounding global challenges,"
according to one of the biggest foundations in the world.
The Microsoft founder continued: "My providing this money is not at all a
sacrifice. I appreciate the opportunity to work on such monumental problems,
and I feel obligated to give back to society in ways that will have the most
positive influence on people's lives.
Several huge global setbacks over the past few years have left many people discouraged and wondering whether the world is destined to get worse.
— Bill Gates (@BillGates) July 13, 2022
The Giving Pledge, an effort in which the world's wealthiest people and
families vow to devote the majority of their money to philanthropic causes,
was founded in 2010 by Bill and Melinda Gates and business mogul Warren
Buffett. More than 400 people have joined on to the cause since the first
forty signatories.
Melinda French Gates gave the foundation $15 billion in July 2021, and in
July of this year, Buffett gave the organization another $3.1 billion. The
Bill and Melinda Gates foundation reported that it had spent $79.2 billion
since its founding in 2000, bringing the endowment to around $70 billion
with the $20 billion gift made by Bill Gates.
Despite being divorced in 2021, Bill and Melinda Gates are still both
co-chairs of the foundation. It was discovered earlier this year that
Melinda French Gates had intended to divide her wealth among many
humanitarian endeavors rather than giving it entirely to her personal
foundation following their split.
Gates said in his blog post, "Several enormous worldwide defeats over the
past several years have left many people frustrated and wondering whether
the world is doomed to keep getting worse." "We must all do more to address
the grave issues of our day,"
