Bill Gates, the creator of Microsoft, has disclosed that he will donate his fortune to a variety of causes ranging from climate adaptation to pandemic prevention. This will soon remove his name from the list of the world’s wealthiest people.
The Bill and Melinda Gates Foundation (BMGF) was founded in 2000 by Gates and his wife to “combat disease, poverty, and unfairness around the world,” according to the foundation’s website. Following his resignation as CEO of the software company around the same time, Gates has been involved in philanthropic efforts through the foundation and was one of the few persons to warn of an impending epidemic.
During the COVID-19 epidemic, Gates helped fund vaccine development but also found himself at the focus of conspiracy theories about why individuals chose not to get vaccinated. Nonetheless, Gates intends to continue funding the foundation’s activities and just announced a $20 billion transfer to the foundation’s endowment this month.
Plans are in the works to expand the foundation’s spending by 2026.
Gates detailed how, after decades of development, the world was facing severe setbacks due to the turmoil in Ukraine and the COVID-19 epidemic in a lengthy Twitter thread. Gates stated that the world might still be a better place in the future and that his foundation will work to offer people the opportunity to live healthy and productive lives.
To do this, the foundation intends to boost its annual spending from $6 billion to $9 billion by 2026, and its imminent wealth transfer will contribute to this goal.
Gates also took the opportunity to remind everyone that Warren Buffett, CEO, and Chairman of Berkshire Hathaway, is an equal contributor to the foundation and has committed more than $35 billion to its activities. In the following tweet, Gates also stated that he intended to give away all of his riches to the foundation in the future, which would remove him from the list of the world’s billionaires.
Pledge to Give
In 2010, Gates, his wife, Melinda, and Buffett launched The Giving Pledge, a global movement for billionaires. Over the last decade, more than 200 billionaires have joined the movement, which requires billionaires to donate the majority of their money to philanthropic causes or philanthropies during their lifetimes or after death.