Bill Gates Vows to Commit More of His Wealth to Charity

Bill Gates, a billionaire, has recommitted to sharing his wealth with others and added that he would someday “drop off” the list of the world’s richest people.

It happened at the same time the co-founder of Microsoft revealed he would give $20 billion (£17 billion) to his charitable organization.

The fourth-richest individual in the world claimed he had a “responsibility” to give back his wealth to society.

In 2010, Mr. Gates committed to donating his wealth, but since then, it has more than doubled.

According to Forbes magazine, he is presently worth $118 billion, although that amount will drop dramatically following his donation in July to the Bill & Melinda Gates Foundation, the charity organization he founded with his ex-wife in 2000.

In a Twitter thread, Mr. Gates stated that recent “global setbacks,” including the pandemic, Ukraine, and the climate issue, will cause the foundation to increase its investment from $6 billion a year to $9 billion by the year 2026.

The Gates Foundation works in developing nations to combat inadequate sanitation, eradicate diseases like malaria, and enhance education. It is supported by other affluent benefactors, including the billionaire investor Warren Buffett and was regarded as the second largest charitable foundation in the world in 2020, with $49.8 billion in assets.

While the foundation has done good work, some have questioned the morality of a private organization possessing such power.

With its annual donation in 2018, the foundation became the second-largest private donor to the World Health Organization behind the US after previous President Donald Trump threatened to cut off US financing, worries over this sharpened.

Between 1995 and 2010, as well as again from 2013 to 2017, Mr. Gates was the world’s richest person, according to Forbes.

Before Tesla CEO Elon Musk took the lead in 2022, Amazon founder Jeff Bezos was the richest man.