The fourth-richest man in the world is currently worth $118bn
Billionaire Bill Gates has said he will eventually “drop off” the world’s rich list as he intends to continue donating huge portions of his money to philanthropic ventures.
The Microsoft co-founder announced yesterday that he would donate $20bn (£17bn) to his charity fund as he has an “obligation” to not hoard his wealth.
The 66-year-old tech mogul made the vow on his Twitter account in a lengthy thread about the woes of the world.
The pandemic is one of the biggest setbacks in history. The war on Ukraine is a gigantic tragedy for the entire world. The damage from climate change is already worse than most models predicted. The U.S. has taken a huge step backwards for gender equality and women’s health.
— Bill Gates (@BillGates) July 13, 2022
He began: “Several huge global setbacks over the past few years have left many people discouraged and wondering whether the world is destined to get worse.
“The pandemic is one of the biggest setbacks in history. The war on Ukraine is a gigantic tragedy for the entire world.
“The damage from climate change is already worse than most models predicted. The U.S. has taken a huge step backwards for gender equality and women’s health.
With the support and guidance of our board, we plan to increase our spending from nearly $6 billion per year today to $9 billion per year by 2026. To help make this spending increase possible, I am transferring $20 billion to the foundation’s endowment this month. pic.twitter.com/ybLMAKPx7I
— Bill Gates (@BillGates) July 13, 2022
“But I’m still optimistic. These setbacks are happening in the context of two decades’ worth of historic progress and I believe it is possible to mitigate the damage and get back to the progress the world was making.”
Gates then touched on the Bill & Melinda Gates Foundation, which he set up with his former wife in 2001.
“With the support and guidance of our board, we plan to increase our spending from nearly $6 billion per year today to $9 billion per year by 2026,” he explained. “To help make this spending increase possible, I am transferring $20 billion to the foundation’s endowment this month.”
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.
— Bill Gates (@BillGates) July 13, 2022
Ultimately, the Seattle-born inventor feels that he has an “obligation to return my resources to society.”
He also hopes that others with significant wealth will follow suit, although Elon Musk’s busy dodging a Twitter lawsuit at the moment.
Related links:
- Elon Musk, Jeff Bezos and Bill Gates have lost over $115 billion in a few months
- Bill Gates is still warning the world of another pandemic
- Bill Gates sends stern warning to everyone on Earth about Elon Musk
