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Billionaire Bill Gates said on Wednesday, 13 July that he will be moving $20 billion of his wealth into the endowment of the Bill and Melinda Gates Foundation, which is ramping up spending in the face of global challenges such as the COVID-19 pandemic and Russia’s invasion of Ukraine.
One of the world’s largest philanthropic organisations, the foundation plans to increase its payouts by 50 percent above pre-pandemic levels, from nearly $6 billion to $9 billion each year by 2026.
“To help make this spending increase possible, I am transferring $20 billion to the foundation’s endowment this month,” he added.
The foundation focuses on charity targeted at improving global health, gender equality, and education, among others.
The Microsoft co-founder and his ex-wife, Melinda French Gates, have both pledged to donate a vast majority of wealth to the foundation which they started almost 20 years ago, as well as other philanthropic endeavours
A statement by the Gates Foundation said that the foundation’s board of trustees is fully aligned with the move to increase annual payouts, in turn accelerating pandemic recovery and regain ground in existing focus areas by enabling the foundation’s partners.
Notably, since 2006, Buffett has contributed $35.7 billion to the foundation – approximately half of its total resources.
With an estimated net worth of close to $114 billion, Bill Gates clocks in as the world’s fourth-richest person, according to Bloomberg's Billionaire Index.
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