What you need to know
- Microsoft co-founder Bill Gates restated his plans to donate "virtually all of" his money in the future.
- Gates announced plans to donate $20 billion to the Gates Foundation this month.
- Gates also highlighted that Warren Buffett has donated generously to the Gates Foundation, making up "basically half" of the foundation's resources.
Microsoft co-founder Bill Gates recently discussed his plans to donate billions of dollars to charity. Gates, one of the richest men in the world, will transfer $20 billion to the Gates Foundation by the end of this month, according to a recent tweet. His plan is to "give virtually all of [his] wealth to the foundation" and to drop off the list of the world's richest people at some point in the future (via BBC).
The Gates Foundation plans to increase its spending to $9 billion per year by 2026, up from the current rate of almost $6 billion per year. The foundation battles against diseases, aims to improve education, and helps sanitation efforts. Gates famously drank water from a toilet that had been sanitized as part of a demonstration.
"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," said Gates.
Back in 2010, Gates pledged to donate his wealth. The Microsoft co-founder has donated quite a bit to charity over the years. Bill and Melinda Gates have collectively donated $39 billion to the Gates Foundation alone since 1994. Both have also contributed to other charities. Despite these donations, Gates' net worth has doubled since 2010.
Gates is worth $122 billion at the moment, according to Forbes. He'll have to increase his rate of donation to outspend his income going forward.
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.July 13, 2022
In his Twitter thread, Gates highlighted the generosity of Warren Buffett, who has given the Gates Foundation $35.7 billion since 2006.
