Photo: Wink News
The global issues of pandemic and conflicts in Ukraine have caused Bill Gates to transfer $20 billion of his riches into the Bill and Melinda Gates Foundation subsidy, which is increasing its spending.
The foundation, one of the largest philanthropies in the world, wants to heighten its payouts by 50% above pre-pandemic levels. The goal is for them to reach $9 billion from $6 billion per year by 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 former couple announced their divorce in May 2021, with Gates retaining control over the foundation. But 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.
Bill Gates has a net worth of $144 billion, placing him in the top 4 wealthiest people on earth. Most of his fortune comes from shares held at Microsoft.
However, 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.”
