Back'I will be eventually off the world’s richest people list, will give all my wealth to...': Bill Gates
Bill Gates is donating $20 billion to the Bill and Melinda Gates Foundation this month as the philanthropic behemoth plans to speed up its pace of giving
PremiumMicrosoft Corp co-founder Bill Gates is donating $20 billion to the charitable foundation run by him and his ex-wife Melinda French Gates to boost its annual distributions. The donation brings the 22-year-old organization's endowment to about $70 billion, which includes a grant of $3.1 billion from Warren Buffett last month.
"The great crises of our time require all of us to do more," Gates said, referring to the COVID-19 pandemic, the war in Ukraine and climate change, among others.
Bill Gates in his personal blog wrote," As I look to the future, my plan is to give all my wealth to the foundation other than what I spend on myself and my family. I do some giving and investing in U.S. health care issues, including Alzheimer’s, outside the foundation. Through Breakthrough Energy, I will continue to invest and give money to address climate change. Overall I expect that the work in these areas will make money, which will also go to the foundation. I will move down and eventually off of the list of the world’s richest people. "
He further in his blog stated,"Over the past two decades, the Gates Foundation has gone from spending around $1 billion per year to spending nearly $6 billion per year. During the pandemic, Melinda and I approved spending an additional $2 billion so we could help with the COVID response without taking money away from other important work that we fund. (Of this commitment, $1.5 billion had been spent by the end of 2021, with remaining commitments of up to $500 million that have not been disbursed.) At the time, we expected the extra spending to stop once the acute phase of the pandemic was over. But it is now clear that the need in all the areas where we work is greater than ever. The great crises of our time require all of us to do more."
Bill Gates on World Economy
The world economy is entering a low-growth cycle, with rising interest rates and high inflation. Deficit spending will have to be reined in to reduce inflationary pressure. Government income will go down and more will be spent on interest payments, which will reduce the amount of money available for programs and make trade-offs necessary.
The foundation’s new goal of distributing $9 billion annually, which it aims to accomplish by 2026, is a 50% increase from its current rate. Gates’s latest infusion of cash brings the foundation’s total endowment to about $70 billion, according to the statement.
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