Bill Gates is moving $20 billion of his wealth into the endowment of his charity foundation, which aims to ramp up its spending in the face of growing global dissent.
The Microsoft co-founder is currently the world’s fourth-richest person, however Gates does not intend to rank that high forever.
He further explained in a blog post that he has an obligation to return his resources to societies – imploring wealthy others to follow suit.
Gates says by 2026, the Gates Foundation aims to spend $9 billion a year.
Read the full blog post below:
https://www.gatesnotes.com/About-Bill-Gates/Commitment-to-the-Gates-Foundation
With the support and guidance of our board, the Gates Foundation intends to increase spending from nearly $6 billion per year before COVID to $9 billion per year by 2026. Our focus will remain the same—but at this moment of great need and opportunity, this spending will allow us to accelerate progress by investing more deeply in the areas where we are already working. To help make this spending increase possible, I am transferring $20 billion to the foundation’s endowment this month.
As I look to the future, I plan to give virtually all of my wealth to the foundation. I will move down and eventually off of the list of the world’s richest people.
— Bill Gates (@BillGates) July 13, 2022
