Bill Gates allocates $20 billion to philanthropic fund and plans to drop from richest list

Bill Gates is transferring $20 billion of his wealth to the endowment fund of the Bill and Melinda Gates Foundation, which is ramping up its spending in the face of global challenges, including the pandemic and the war in Ukraine.

The foundation, one of the world’s largest philanthropies, plans to increase its payments by 50% from pre-pandemic levels, from nearly $6 billion to $9 billion a year by 2026.

The foundation is primarily focused on charitable giving aimed at improving global health, gender equality and education, among other issues.

Microsoft co-founder and ex-wife Melinda French Gates have pledged to donate most 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 in a two-year trial period.

At the end of that trial, French Gates has the option of resigning and receiving payment from her ex-husband, who would remain in charge of the foundation.

With an estimated net worth of around $114 billion, Bill Gates is currently the fourth richest person in the world, according to Bloomberg’s Billionaire Index, with most of his fortune tied to Microsoft shares.

But he doesn’t intend to rank that high forever.

“I will go down and eventually out of the list of the richest people in the world,” Gates wrote in a blog post on Wednesday.

“I have an obligation to give my resources back to society in ways that have the greatest impact to improve lives. I hope that others in positions of great wealth and privilege will also speak out at this time.”