Bill Gates Plans to Drop Off List of World’s Wealthiest People as He Moves $20B to Foundation

UTC by Ibukun Ogundare · 3 min read
Bill Gates Plans to Drop Off List of World’s Wealthiest People as He Moves $20B to Foundation
Photo: World Economic Forum / Flickr

Bill Gates is the former richest man in the world and is currently one of the world’s top five richest. But the Microsoft co-founder is unwilling to maintain the top rank forever.

American business tycoon Bill Gates is pouring $20 million of his wealth into the Bill and Melinda Gates Foundation. The billionaire and his wife, Melinda, started the Foundation in 2000 to fight disease, poverty, and inequality worldwide. The non-profit organization has also donated more than $2 billion to the global COVID-19 response since the beginning of 2020. Additionally, the Foundation is upping its expenditure amid the persisting coronavirus pandemic and the Russia-Ukraine war. 

Bill and Melinda Gates Foundation Aims to Increase Annual Spending to $9 Billion by 2026

Globally known to cater to improving health, education, and more, the Bill and Melinda Gates Foundation is planning to increase its payouts by 50%. The organization wants to make the addition over pre-pandemic levels, rising from almost $8 billion to $9 billion yearly by 2026. The co-founders have pledged to donate a massive percentage of their wealth to the Foundation. Specifically, Bill Gates said he plans to give “all” of his wealth to the Foundation apart from what he spends on himself and his family. He revealed that he gives and invests in health-related issues in the US. The billionaire intends to continue to invest through Breakthrough Energy and ultimately address climate change. He also plans to put proceeds from his investment into the Foundation.

Bill and Melinda announced their divorce in May 2021 after 27 years of marriage, stating that they do not believe they can continue to grow together as a couple. Following the divorce announcement, the duo said they would work together as co-chairs for a two-year trial period. If either of them decides they cannot work together as co-chairs, Melinda will have to resign from her position as co-chair and trustee. Upon resignation, she will receive a payout from Bill Gates, who will continue to head the Foundation. 

Bill Says He Will Drop Off List of Richest People

Bill Gates is the former richest man in the world and is currently one of the world’s top five richest. Despite his achievement, the Microsoft co-founder is unwilling to maintain the top rank forever. He wrote:

“I will move down and eventually off of the list of the world’s richest people. My giving this money is not a sacrifice at all. I feel privileged to be involved in tackling these great challenges, I enjoy the work, and I believe I have an obligation to return my resources to society in ways that have the greatest impact for improving lives.”

He concluded by stressing his hope for other wealthy and privileged people to “step up in this moment too.”

Business News, News, Personal Finance
Ibukun Ogundare

Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.

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