Bill Gates at TIME100 Gala 2022

Bill Gates Anticipates Moving Off Richest People's List With This New Plan

Home / Stars / Bill Gates Anticipates Moving Off Richest People's List With This New Plan

By Afouda Bamidele on July 15, 2022 at 6:00 PM EDT

Bill Gates is giving away his billions!

The Microsoft co-founder, whose renowned entrepreneurial skills have made him the world's fourth richest person, is ready to leave the wealthy list for good reasons.

On Wednesday, July 13, the business mogul announced on his GatesNotes blog that he would be shelling a substantial amount of his wealth as revenue for the Bill and Melinda Gates Foundation.

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Bill Gates Wishes to Fulfil His 'Obligation' Of Returning His Wealth To Society

Bill Gates at the Ready To Beat Malaria London Summit

Given Gates' status as an entrepreneurial genius with numerous successful ventures under his thumb, the 66-year-old Seattle native's billion-dollar net worth is not surprising.

However, reaching the top of the world's wealthiest list did not motivate the software developer's actions as "The Road Ahead" author's true goal involved solving world problems.

In his blog post, the billionaire philanthropist reflected on the various ways by which global setbacks have negatively impacted people across the world in the past few years.

The most notable of these problems was the ongoing pandemic and war in Ukraine, which the father-of-three noted has caused devastating worldwide damages from unprecedented death tolls to economic instability.

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As the world faced a low-growth cycle with rising interest rates and climate changes, the TerraPower co-founder plans to mitigate these global crises through the Bill and Melinda Gates Foundation.

The investor and his ex-wife, Melinda French Gates, started the organization in 2000, using their resources to tackle global health, gender equality, education, food insecurity, climate change, and other issues.

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Bill and Melinda Gates Receive the Presidential Medal of Freedom
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Over the past two decades, the foundation has gone from spending about $1 billion per year to nearly $6 billion per year, and this cost also increased during the pandemic.

The philanthropist planned to increase the organization's spending to $9 billion each year by 2026, which would accelerate the progress of the foundation's projects.

Instead of looking for more investors to make this goal a reality, Gates pledged to transfer $20 billion of his wealth to the foundation's endowment this month and declared he would give more in the future.

The Seattle native admitted he would move down and eventually leave the world's wealthiest people list. He planned to give all his money to his foundation, excluding the capital needed to sustain himself and his family.

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The Bill and Melinda Gates Foundation would receive the bulk of the billionaire's fortune. At the same time, he would invest a considerable amount in U.S. health care issues like Alzheimer's disease and climate mitigation through Breakthrough Energy.

The 66-year-old stated that he did not consider giving away his money as a sacrifice but felt privileged to be able to contribute to these global issues. The investor's message read:

"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."

The Silver Buffalo Award winner implored other wealthy individuals to join him on this philanthropical journey. Still, it was important to note that one man has been by Gates's side since the beginning.

Bill Gates & Warren Buffett with the New York media on June 26, 2006
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Paying tribute to Warren Buffett, the software developer admitted that half of his foundation's resources came from the Berkshire Hathaway CEO.

Since 2006, Buffett has gifted the organization $35.7 billion, including his donation of $3.1 billion in June 2022. Showing his appreciation, the Presidential Medal of Freedom honoree wrote:

"Warren’s advice and thinking influenced the foundation in a profound way even before he made any gifts. Warren, I can never adequately express how much I appreciate your friendship and guidance as well as your generosity."

The 'How To Avoid A Climate Disaster' Author Tested Positive For Covid-19

The Blast previously reported that the business mogul tested positive for Covid-19 in May, following confirmation of the news by Gates in a candid tweet.

The 66-year-old stated he was down with the virus but not in a dangerous situation as he only had mild symptoms.

The "Business @ the Speed of Thought" author believed he was fortunate to experience minor medical issues as he had been vaccinated and boosted against the pandemic.

The Breakthrough Energy founder ended his message with a promise to keep working on COVID-19 eradication projects with interested parties, noting that he wanted the world to be free of the pandemic.

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