Bill Gates Pledges US$20 Billion Donation, Plans To Drop Off World Rich List

Share post:

Microsoft founder Bill Gates has pledged a US$20 billion donation to his philanthropic fund, and the billionaire also hinted at plans to “drop off” the world’s list of the richest people.

Bill Gates, the fourth richest man in the world at $118 billion, according to Forbes, will lose significant value after his July donation to the Bill & Melinda Gates Foundation, the charitable fund he founded with his ex-wife in 2000.

“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. 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 tweeted.

Bill Gates also stated that the Foundation would increase its spending from US$6 billion annually to US$9 billion by 2026, owing to recent global setbacks such as the pandemic, the ongoing war in Ukraine, and climate crisis.

Since its inception, the foundation has donated billions of dollars to eradicate diseases like malaria, improve education, and combat poor sanitation.

By 2020, the charitable organization had US$49.8 billion in assets and is backed by wealthy beneficiaries, including billionaire Warren Buffett, who contributed 50% of all donations.

The sources for this piece include an article in BBC.

Featured Tech Jobs

SUBSCRIBE NOW

Related articles

Apple reduces forecasts for Vision Pro as demand cools in key US market

In an unexpected shift, Apple has drastically reduced its shipment forecasts for the upcoming Vision Pro, indicating a...

COBOL: Shrinking pool of programmers. Infrastructure at risk. Can AI save us?

In an era where financial institutions handle trillions of transactions daily, the legacy programming language COBOL, which underpins...

The race to harness AI in big banks heats up

The journey to harness Artificial Intelligence (AI) within the U.S. banking sector is proving to be a formidable...

Senator Colin Deacon and our digital future: HashTag Trending, the Weekend Edition, April 13, 2024

Welcome to Hashtag Trending The Weekend Edition. I’m your host, Jim Love. I can understand that many of you might get frustrated about politics. What we see for the most part is a lot of BS. Ask a politician a simple question. You get a lot of non answers, talking points, ways their political opponents

Become a member

New, Relevant Tech Stories. Our article selection is done by industry professionals. Our writers summarize them to give you the key takeaways