Bill Gates vows to drop off world rich list as he donates £17 billion to charity
Billionaire philanthropist Bill Gates says he plans to drop off the world rich list as he pledged to give away most of his money to charity.
The Microsoft co-founder has this week donated $20 billion (£17 billion) to his charitable initiative, the Bill and Melinda Gates Foundation.
As he announced the donation, he revealed his plan to give the foundation "all my wealth" outside of what he spends "on myself and my family" and to eventually move off the list of the world’s richest people.
He is currently the fifth richest person, with an estimated wealth of $101.2 billion.
The foundation, which the 66-year-old set up with his ex-wife Melinda in 2000, plans to boost its funding to charitable causes from $6 billion a year to $9 billion, by 2026.
He cited the pandemic and Ukraine among "several huge global setbacks" that has prompted him to act.
"My giving this money is not a sacrifice at all," Mr Gates wrote in a blog post. "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 added.
Top five on world rich list
1. Elon Musk, 51 - estimated wealth: $223.9 billion
2. Bernard Arnault, 73 - $146.7 billion
3. Jeff Bezos, 58 - $134 billion
4. Gautam Adani, 60 - $112.5 billion
5. Bill Gates, 66 - $101.2 billion
Last month, longtime board member Warren Buffett donated $3.1 billion to the foundation.
Combined with Mr Gates' latest addition, the Bill and Melinda Gates Foundation is worth around $70 billion - making it one of the largest charitable foundations in the world.
Co-chair Melinda French Gates said the additional spending will help provide a more "fair and inclusive recovery."
"Philanthropy has a unique role to play in helping people around the world recover from the pandemic and rebuild the underlying systems that left so many so vulnerable to begin with," she said in a statement.
The foundation’s worldwide contributions have helped to combat diseases like polio and malaria.
However, it has also come under fire from those who view the former couple’s influence as unchecked and resulting in mixed success.
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