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Bill Gates vowed to donate his wealth to his foundation, moving him from among the world’s richest people.
Gates announced he would transfer $20 billion this month to the Bill and Melinda Gates Foundation’s endowment, which he started with his ex-wife, and follow the donation by increasing spending to $9 billion per year by 2026.
“As I look to the future, I plan to give virtually all of my wealth to the foundation,” Gates said in a Twitter thread Wednesday. “I will move down and eventually off of the list of the world’s richest people.”
Bill Gates
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As for his reason, Gates cited a desire to give back to society.
“I have an obligation to return my resources to society in ways that have the greatest impact for reducing suffering and improving lives,” Gates added on Twitter. “And I hope others in positions of great wealth and privilege will step up in this moment too.”
The Microsoft co-founder has a current net worth of around $122 billion, making him the fourth richest person in the world behind Elon Musk, Bernard Arnault, and Jeff Bezos, according to Forbes. Gates also became the United States’s largest private farmland owner in 2021.
Foundations, including the Bill and Melinda Gates Foundation, are classified as tax-exempt 501(c)(3) organizations by the Internal Revenue Service, according to Foundation Source.
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In his Twitter thread, Gates thanked Berkshire Hathaway CEO Warren Buffett, who is also among the world’s richest, for his contributions to the Bill and Melinda Gates Foundation.
“Although the foundation bears our names, basically half our resources have come from Warren Buffett,” Gates tweeted. “His incredible generosity is a huge reason why the foundation has been able to be so ambitious. I can never adequately express how much I appreciate his friendship and guidance.”
