Gates is planning on donating the majority of his wealth.
Microsoft founder Bill Gates is one of the wealthiest men in the entire world, with a current net worth estimated at around $118 billion. However, as Gates is effectively retired from the technology sector, most of his money goes toward philanthropic endeavors, primarily through the Bill & Melinda Gates Foundation. The Foundation is a non-profit originally established by Gates and his ex-wife in 2000 to cure diseases, improve global sanitation efforts, and improve the global standard of education.
In a Twitter thread posted yesterday, Gates reaffirmed his dedication to the Foundation’s goals, pledging in the process to funnel so much of his own money into the Foundation that it would cost him his spot on the list of the world’s wealthiest.
“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.”
“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.”
As I look to the future, I plan to give virtually all of my wealth to the foundation. I will move down and eventually off of the list of the world’s richest people.
— Bill Gates (@BillGates) July 13, 2022
Gates is planning to raise the Foundations expenditures from $6 billion to $9 billion by the year 2026 on the heels of the economic and societal damage brought about by global concerns such as the COVID-19 pandemic, climate change, and the ongoing Russian invasion of Ukraine.