It’s official: the richest man in the world is about to get even poorer. In an announcement released today, Bill Gates announced that he will be funneling $20 billion dollars into his and his wife’s philanthropic foundation. The grant, one of the largest ever made by a living individual, has forced Gates to drop off the list of the world’s top 10 wealthiest people, according to the Bloomberg Billionaires Index.
Bill And Melinda Gates Foundation
Bill Gates will contribute $20 billion to the Bill and Melinda Gates Foundation, which is ramping up its spending to address global challenges, including the pandemic and the conflict in Ukraine.
The Microsoft Co-founder And His Ex-Wife Melinda French Gates
The philanthropic foundation, one of the world’s largest, anticipates increasing payouts by 50% over pre-pandemic levels, from nearly $6 billion to $9 billion by 2026. The charity foundation concentrates on providing money for charities aimed at advancing global health, improving gender equality, and educating, as well as other charitable endeavors. Both he and his former wife, Melinda French Gates, have pledged to donate the majority of their fortune to the foundation they created 20 years ago, as well as other philanthropic endeavors.
Bill Gates is Currently The World’s Fourth-Richest Person
The couple’s divorce announcement came in May 2021, when they stated they would be working together as co-chairs during a two-year trial period. During that trial, French Gates has the option to resign and receive a payout from her former husband, who would remain in charge of most of Bill Gates’s wealth derives from the fact that he is Microsoft’s chairman and remains its single largest shareholder, which gives him voting control. But he doesn’t intend to rank that high forever.
According to Bloomberg’s Billionaire Index, he has an estimated net worth of around $114 billion and currently sits as the world’s fourth richest person.
Greatest Impact For Improving Lives
Gates wrote in a blog post-Wednesday that he will eventually drop from the list of the richest people in the world. “I have an obligation to return my resources to society in ways that have the greatest impact on the lives of others. It would be great if others in positions of great wealth and privilege would step up in this moment as well.”