Bill Gates vows to drop off world’s rich list

• Bill Gates, a billionaire, has recommitted to sharing his wealth with others.
• Microsoft co-founder said he will donate $20 billion (£17 billion) to his charitable foundation.
• He added that he will someday “drop off” the list of the world’s richest people.

Bill Gates, a billionaire, has recommitted to sharing his wealth with others and added that he will someday “drop off” the list of the world’s richest people.

It happened at the same time the co-founder of Microsoft revealed he would give $20 billion (£17 billion) to his charitable organisation.

The fourth-richest individual in the world claimed he had a “responsibility” to give back his wealth to society.

In 2010, Mr. Gates made a commitment to donate his wealth, but since then, it has more than doubled.

According to Forbes magazine, he is presently worth $118 billion, although that amount will drop dramatically following his donation in July to the Bill & Melinda Gates Foundation, the charity organisation he founded with his ex-wife in 2000.

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In a Twitter thread, Mr. Gates stated that recent “global setbacks” including the pandemic, Ukraine, and the climate issue will cause the foundation to increase its investment from $6 billion year to $9 billion by 2026.

I intend to donate almost all of my wealth to the foundation in the future, he stated. “I’ll drop off the list of the richest individuals in the world someday.

I owe it to society to use my resources in ways that would most effectively lessen suffering and enhance people’s quality of life. And I sincerely hope that other people who enjoy great riches and privilege will do the same at this time.

The Gates Foundation works in developing nations to combat inadequate sanitation, eradicate diseases like malaria, and enhance education. It is supported by other affluent benefactors including the billionaire investor Warren Buffett and was regarded as the second largest charity foundation in the world in 2020 with $49.8 billion in assets.

While the foundation has done good work, some have questioned the morality of a private organisation possessing such power.

With its annual donation in 2018, the foundation became the second-largest private donor to the World Health Organization behind the US. After previous President Donald Trump threatened to cut off US financing, worries over this sharpened.

Between 1995 and 2010, as well as again from 2013 to 2017, Mr. Gates was the world’s richest person according to Forbes.

Prior to Tesla CEO Elon Musk taking the lead in 2022, Amazon founder Jeff Bezos lost the top slot to him in 2017.

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