Bill Gates vows to drop off world’s rich list

Image credit: BBC

Bill Gates, a multibillionaire, has vowed to donate his riches once more and said that he will eventually “slip off” the world’s wealthiest list.

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

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

When Mr Gates originally made his promise to donate his riches in 2010, his net worth had more than doubled.

He is currently valued at $118 billion, according to Forbes magazine, however, this figure will drop significantly after his donation in July to the Bill & Melinda Gates Foundation, the nonprofit he and his ex-wife created in 2000.

In a Twitter thread, Mr Gates said that the foundation will increase its spending from $6 billion a year to $9 billion by 2026 as a result of recent “world setbacks,” such as the pandemic, Ukraine, and the climate challenge.

He declared that he will eventually give the foundation practically all of his riches. “One day, I’ll fall off the list of the world’s wealthiest people.”

The Gates Foundation works in impoverished countries to improve education, battle poor sanitation, and eradicate diseases like malaria. With $49.8 billion in assets, it was regarded as the second largest charitable foundation in the world in 2020. It is funded by other wealthy donors, including the billionaire investor Warren Buffett.

Despite the tremendous work the foundation has done, some have questioned the morality of a private organisation having this much authority.

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

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

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

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