Bill Gates donates $20 billion to Bill & Melinda Gates Foundation

In order to increase the annual payments of the philanthropic organisation, 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 roughly $70 billion, including a $3.1 billion bequest from Warren Buffett last month.

"The great crises of our time require all of us to do more," Gates said, referring to the COVID-19 pandemic, the war in Ukraine and climate change, among others.

Bill Gates in his personal blog wrote," 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. 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. "

He continued by saying that the foundation's primary priority areas of health, education, gender equality, and poverty alleviation now required greater investment due to the crises' compounding impacts, which include rising prices.

By 2026, the foundation hopes to reach its new objective of disbursing $9 billion yearly, a 50 per cent increase from its present rate. According to the announcement, Gates' most recent financial contribution increased the foundation's endowment to nearly $70 billion.

(with inputs from agencies)

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