By The Financial District
Bill Gates To Donate $20-B To Charity, Hopes To Cut Off From List Of Billionaires
Updated: Jul 16, 2022
Billionaire philanthropist Bill Gates announced on Wednesday (Thursday, July 14, 2022 in Manila) that he intends to donate his whole fortune to the Bill and Melinda Gates Foundation, Katie Canales reported for Business Insider.
Photo Insert: "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," wrote the Microsoft founder.
In a Twitter thread, the co-founder of Microsoft stated he was donating $20 billion to the foundation's endowment this month to increase annual spending to $9 billion by 2026. He cited the difficulties created by the pandemic, the crisis in Ukraine, and other issues.
"As I look to the future, I plan to give virtually all of my wealth to the foundation," Gates said. "I will move down and eventually off of the list of the world's richest people."
He also acknowledged the renowned billionaire investor Warren Buffet for his long-standing donation to the Bill and Melinda Gates Foundation, stating that Buffet's "incredible generosity is a major factor in the foundation's ability to be so ambitious."
Buffett, Gates, and Melinda French Gates founded an initiative called 'The Giving Pledge' which was launched by the trio in 2010 as a "movement of philanthropists who commit to giving the majority of their wealth to philanthropy or charitable causes, either during their lifetimes or in their wills." It gathered signatures from more than 200 billionaires worldwide.
Gates wrote, "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."
Gates has long advocated for the necessity of donating his money, citing a lifelong commitment to addressing global concerns such as climate change. He has even stated that his children will not become billionaires since he is giving away so much of his wealth. Bloomberg's Billionaires Index estimates that his current net worth is $114 billion.
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