Billionaire Bill Gates says he will step out of the world's richest list by choice. He plans to give away most of his money. The Independent wrote more about this.
The fourth richest the man in the world, who is worth about $122 billion, said he plans to transfer almost all of his financial assets to his charitable foundation, and began with a donation of $20 billion.
“In the future, I plan to give the fund almost all of my fortune,” he wrote on Twitter. “Eventually, I'll come out of the list of the richest people in the world.”
The Microsoft co-founder is, among other things, the biggest philanthropist of all time, along with his ex-wife Melinda.
The couple created a foundation in their own name in 2000 to fight poverty, disease and injustice around the world, especially in developing countries, including vaccine funding. It is one of the richest charities in the world.
Gates announced that the foundation now plans to increase its spending from nearly $6 billion a year to $9 billion by 2026.
“I have a responsibility to return my resources to society in a way that will have the greatest impact on reducing suffering and improving lives,” he added. “I hope that others with great wealth and privilege will also take the same step.”
Forbes reports that the $20 billion donation brings the Gates' donation to $55 billion.
This puts the couple ahead of their friend Warren Buffett, who donated $48 billion, most of which also belongs to the Gates Foundation.
“Several huge global setbacks over the past couple of years have left many people discouraged and wondering if the world is destined to get even worse,” he wrote. The pandemic is one of the biggest setbacks in history. The war in Ukraine is a gigantic tragedy for the whole world. The damage from climate change is already greater than most models predict. The US has taken a huge step back on gender equality and women's health.”
But he's still optimistic: “I believe it's possible to mitigate the damage and return to the progress the world has made, the great crises of our time require all of us to do more.”
Lastly, he said, “I'm going to come out of the most prominent part of the list. Although it will take me some time, the direction is clear.