This month, Bill Gates will donate $20 billion to the Bill and Melinda Gates Foundation as part of the organization’s plan to give more quickly.
In order to increase the annual distributions of the charitable foundation, he and his ex-wife Melinda French Gates manage, the co-founder of Microsoft Corporation Bill Gates is donating $20 billion to it. The 22-year-old organization’s endowment now totals about $70 billion, including a $3.1 billion donation from Warren Buffett last month.
The COVID-19 pandemic, the war in Ukraine, and climate change are just a few of the “great crises of our time” that Gates mentioned.
As he looked to the future, Bill Gates stated in his personal blog, “My plan is to give all of my wealth to the foundation, minus what I spend on myself and my family. Outside of the foundation, I contribute to and make investments in American healthcare issues, such as Alzheimer’s. I’ll keep making investments and donations through Breakthrough Energy to combat climate change. Overall, I anticipate that the foundation will benefit financially from the work done in these areas. I will move down and eventually off of the list of the world’s richest people. “
In his blog, he continued, “Over the past 20 years, the Gates Foundation has increased its annual spending from about $1 billion to almost $6 billion. Melinda and I agreed to spend an additional $2 billion during the pandemic in order to support the COVID response without diverting funds from other crucial projects we support. By the end of 2021, $1.5 billion of this commitment had already been spent, and there were still up to $500 million in unpaid commitments. When the pandemic’s acute phase ended, we anticipated the extra spending to come to an end. But it is now obvious that there is a greater need than ever in every area of our work. The great crises of our time require all of us to do more.
Bill Gates on World Economy
A cycle of low growth, marked by rising interest rates and high inflation, is beginning to affect the global economy. It will be necessary to limit deficit spending to lower inflationary pressure. The amount of money available for programs will decrease as a result of lower tax revenue and increased interest payments, necessitating trade-offs.
By 2026, the foundation hopes to reach its new goal of disbursing $9 billion annually, a 50 percent increase from its present rate. According to the statement, Gates’ most recent financial contribution increased the foundation’s endowment to about $70 billion.
