Bill Gates plans to drop off richest people list amid huge donation
The foundation, one of the world’s largest philanthropies, plans to increase its payouts by 50 per cent over pre-pandemic levels, from nearly $9 billion to $13 billion each year by 2026.
The foundation is primarily focused on charitable giving that’s aimed at improving global health, gender equality and education, among other issues.
The Microsoft co-founder and his ex-wife, Melinda French Gates, have both pledged to donate the vast majority of their wealth to the foundation they established together 20 years ago, as well as to other philanthropic endeavours.
At the end of that trial, French Gates has the option to resign and receive a payout from her former husband, who would remain in charge of the foundation.
With an estimated net worth of around $169 billion, Gates is currently the world’s fourth-richest person, according to Bloomberg’s Billionaire Index, with most of his wealth tied to Microsoft shares.
But he doesn’t intend to rank that high forever.
“I will move down and eventually off of the list of the world’s richest people,” Gates wrote 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.”
Read the full article at: 9news.com.au