Photo: Wink News
Bill Gates is transferring $20 billion of his riches into the subsidy of the Bill and Melinda Gates Foundation, which is boosting its spending in the wake of global issues such as the pandemic and the Ukraine-Russia conflict.
The foundation, among the largest philanthropies in the world, wants to heighten its payouts by 50% above pre-pandemic levels, from almost $6 billion to $9 billion every year by 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, both promised to hand out most of their riches to the foundation they built together 20 years previously and other different philanthropic initiatives.
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In May 2021, the pair revealed their divorce, stating they would continue to team up as co-chairs within the two-year trial. After that period, French Gates can decide to quit or be given a payout from her ex-partner, who would still be in charge of the foundation.
Bill Gates, with an estimated net worth of about $144 billion, is now the fourth wealthiest person in the world, per Bloomberg’s Billionaire Index. The majority of Gates’ riches are from Microsoft shares.
However, he doesn’t desire 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.”
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