Billionaire Microsoft co-founder Bill Gates plans to give away almost all of his fortune to his foundation — the Bill & Melinda Gates Foundation — which will eventually see him removed from the list of the world’s wealthiest people.
Gates launched the foundation in 2000 alongside his then-wife, Melinda French Gates. It aims to fight disease and poverty across the globe.
Gates said the non-profit organisation plans to up its spending from $6 billion per year to $9 billion per year by 2026.
“To help make this spending increase possible, I am transferring $20 billion to the foundation’s endowment this month,” Gates tweeted. “As I look to the future, I plan to give virtually all of my wealth to the foundation. I will move down and eventually off of the list of the world’s richest people.”
“I have an obligation to return my resources to society in ways that have the greatest impact for reducing suffering and improving lives,” said Gates. “And I hope others in positions of great wealth and privilege will step up in this moment too.”
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