Bill Gates’s Latest $20 Billion Financial Move Is His Next Step In Coming Off World’s Richest List

Mandatory Credit: Photo by Erik Pendzich/Shutterstock (12977582bt)Bill GatesTime 100 Gala, Arrivals, Lincoln Center, New York, USA - 08 Jun 2022.
Erik Pendzich/Shutterstock / Erik Pendzich/Shutterstock

Bill Gates, one of the richest men on the planet, said he is giving $20 billion to the Bill & Melinda Gates Foundation this month, adding that “rather than returning the foundation’s budget to pre-pandemic levels, we will continue to expand it.”

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The Gates Foundation intends to increase spending from nearly $6 billion per year before COVID to $9 billion per year by 2026, Gates said in a blog post on July 13.

The foundation currently has $49.9 billion in endowment, according to a fact sheet.  

Gates also thanked fellow billionaire and philanthropist Warren Buffett, saying that “although it is named the Bill & Melinda Gates Foundation, basically half of our resources to date have come from Warren Buffett’s gifts.”

Gates added that since 2006, Warren has gifted the foundation $35.7 billion, including his most recent gift of $3.1 billion in June.

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“As I look to the future, my plan is to give all my wealth to the foundation other than what I spend on myself and my family. I do some giving and investing in U.S. health care issues, including Alzheimer’s, outside the foundation,” Gates wrote. “Through Breakthrough Energy, I will continue to invest and give money to address climate change. Overall I expect that the work in these areas will make money, which will also go to the foundation. I will move down and eventually off of the list of the world’s richest people.”

“My giving this money is not a sacrifice at all. I feel privileged to be involved in tackling these great challenges, I enjoy the work, and I believe I have an obligation to return my resources to society in ways that have the greatest impact for improving lives. I hope others in positions of great wealth and privilege will step up in this moment too,” he concluded.

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Gates is at the number four spot on the Bloomberg Billionaires Index, with a $113 billion net worth. He follows Elon Musk, Jeff Bezos and Bernard Arnault. 

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About the Author

Yaël Bizouati-Kennedy is a full-time financial journalist and has written for several publications, including Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She also worked as a vice president/senior content writer for major NYC-based financial companies, including New York Life and MSCI. Yaël is now freelancing and most recently, she co-authored  the book “Blockchain for Medical Research: Accelerating Trust in Healthcare,” with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in Journalism from New York University and one in Russian Studies from Université Toulouse-Jean Jaurès, France.

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