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.
Writing on his blog, Gates Notes, the Microsoft co-founder said, “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.”
“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.
Bill Gates Exceeds Previous Commitments
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
Gates’ $20 billion pledge to the endowment exceeds his and Melinda French Gates’ commitment of $15 billion last year and adds to Berkshire Hathaway CEO Warren Buffett’s $3.1 billion annual gifts last month. Adding the most recent gifts, the foundation’s endowment will approximately be $70 billion.
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.
"I will move down and eventually off of the list of the world's richest people," Gates wrote in a blog post. "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."Bill Gates, co-chair, Bill & Melinda Gates Foundation
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