Billionaire Bill Gates pledged again to give away a large chunk of his wealth and to eventually “drop off” the world’s rich list.
Gates, who is ranked fourth on the world’s rich list, announced on July 13 that he will transfer $20 billion this month to the endowment of the Bill & Melinda Gates Foundation, the philanthropic fund he set up with his former wife in 2000.
Gates said that the donation was to allow the foundation’s plan to increase its annual spending from nearly $6 billion to $9 billion due to “huge global setbacks,” including the COVID-19 pandemic, the Russian invasion of Ukraine, and climate change.
“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,” Gates said.
“I have an obligation to return my resources to society in ways that have the greatest impact for reducing suffering and improving lives. And I hope others in positions of great wealth and privilege will step up in this moment too,” Gates added.
Gates first pledged to give away his wealth in 2010, but his net worth has more than doubled since then, BBC News reported.
According to Bloomberg’s Billionaire Index, Gates is currently worth $118 billion.
The Bill & Melinda Gates Foundation is the largest private donor to the World Health Organization.
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