Bill Gates is transferring $20 billion of his wealth to the Bill and Melinda Gates Foundation, which is ramping up its spending in the face of global challenges, including the pandemic and the conflict in Ukraine.
The Bill and Melinda Gates Foundation, one of the world’s largest philanthropies, plans to increase its annual payouts by 50% over pre-pandemic levels. The foundation is focused on charitable giving that aims to improve global health, gender equality, and education. The Microsoft co-founder and his ex-wife have both pledged to donate the vast majority of their wealth to the foundation they established together 20 years ago as well as other philanthropic endeavors.
The couple announced their divorce in May 2021, saying they would work together as co-chairs under a two-year trial period. At the end of that trial, French Gates has the option to resign and receive a payout from her former husband, who would remain in charge of the foundation. With an estimated net worth of around $114 billion, Bill Gates is currently the world’s fourth-richest person, according to Bloomberg’s Billionaire Index. He doesn’t intend to rank that high forever.
“I will lower and eventually stop worldwide recognition as the wealthiest person alive,” Gates wrote in a blog post Wednesday. “I have an obligation to return my resources to the society in ways that have the greatest possible impact for helping people.”