Bill Gates is going to stop being one of the richest people in the world (although his money goes under his name)

Bill Gates is currently the fourth richest person in the world, according to the latest Forbes magazine listbut the Microsoft co-founder might not always stay in that position. As explained on his blog, intends to donate almost his entire fortune to the Bill & Melinda Gates Foundationa private foundation founded in 2000 by him and his ex-wife, Melinda French Gates.

The philanthropist has an estimated fortune of $114 billion, linked mainly to shares in Microsoft, a company where he had a seat on the board of directors until 2020, but he will not part with all his wealth in one fell swoop. He will immediately transfer to the foundation, which has increased its expenses since the start of the pandemic, $20 billion.

The mentioned contribution of money, says Bill & Melinda Gates Foundationwill allow annual spending to increase by 50%, some 9,000 million per year, until 2026. Thus, they will be able to promote existing global initiatives such as disease prevention, improved education, gender equality and the reduction of poverty.

The second largest philanthropic organization in the world

In this way, thanks to an injection of 15,000 million dollars in July of last year, and the recent donation of 3,100 million dollars from Warren Buffett, the foundation’s funds will reach 70,000 million dollarswhich allows it to remain the second largest philanthropic organization in the world, at the capital level, behind the Danish Novo Nordisk Foundation.

After the announcement, it remains to be seen what the philanthropist’s next steps will be. “Looking into the future, my plan is to donate all my wealth to the foundation, leaving aside what I spend on myself and my family.” he says on his blog, thus making it clear that this is an idea that will develop over time. Let’s remember Warren Buffett, also announced more than a decade ago that he would gradually donate almost all of his fortune to the foundation.

It should be noted that Bill Gates claims that will also continue to support projects that are developed outside the organization that co-chairs with his ex-wife. Some of them include issues related to health, with research related to Alzheimer’s, and climate change, with Breakthrough Energy Ventures, the energy investment fund that promotes ideas such as “vaporizing” our garbage to produce energy in the process.

“I will go down and eventually get off the list of the richest people in the world,” adds the philanthropist. “I have an obligation to give my resources back to society in the way that has the greatest impact to improve lives. I hope that others in positions of great wealth and privilege will also step up at this time.”

Following their divorce announced in 2021, Bill Gates and Melinda French Gates agreed to continue working together on their foundation for a period of two years. After that time has elapsed, French Gates, that he planned to distribute his fortune among various philanthropic initiatives, you will have the option to resign. If you so decide, Bill Gates would be in charge of the foundation, notes CNBC.

Images | Bill Gates

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