Photo: Wink News
The Bill and Melinda Gates Foundation is boosting its spending in the wake of global issues such as the pandemic and the conflict between Ukraine and Russia. So, Bill Gates has decided to donate $20 billion of his riches to the subsidy of the foundation.
The foundation, among the largest philanthropies in our world, wants to heighten its payouts by 50% above pre-pandemic levels. This will be done to reach nearly $9 billion from $6 billion every year starting in 2026.
It is mainly setting its efforts on charitable giving that’s targeted at upgrading worldwide health, gender equality and education, and other matters at hand.
The business magnate and his former wife, Melinda French Gates, both promised to hand out most of their riches to the foundation they built together 20 years previously and other different philanthropic initiatives.
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The couple announced their divorce in May 2021, saying they would continue to team up as co-chairs within the two-year trial. After that period, French Gates can decide to quit or be given a payout from her ex-partner, who would still be in charge of the foundation.
Bill Gates has become the world’s fourth wealthiest person, with an estimated net worth of about $144 billion. The bulk of his fortune came from shares in Microsoft.
But he doesn’t want to sit in that high rank forever.
“I will move down and eventually off of the list of the world’s richest people,” Gates said in a blog post on Wednesday.
“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.”
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