Glamsquad reports that Bill Gates, American billionaire, has pledged to give his wealth away once more, adding that he will eventually “drop off” the world’s rich list.
It came after the Microsoft co-founder announced a $20 billion donation to his philanthropic fund.
The world’s fourth richest man stated that he felt a “obligation” to give back to society.
Mr Gates pledged to give away his fortune in 2010, but his fortune has more than doubled since then.
According to Forbes magazine, he is currently worth $118 billion, but that figure will drop significantly following his July donation to the Bill & Melinda Gates Foundation, the charitable fund he established with his ex-wife in 2000.
Mr Gates stated in a Twitter thread that the foundation’s spending would be increased from $6 billion to $9 billion by 2026 due to recent “global setbacks” such as the pandemic, Ukraine, and the climate crisis.
“As I look to the future,” he said, “I intend to give virtually all of my wealth to the foundation.” “I will fall and eventually fall off the list of the world’s wealthiest people.”
“I owe it to society to redistribute my resources in ways that have the greatest impact on reducing suffering and improving lives.” And I hope that others in positions of great wealth and privilege will also step forward at this time.”
The Gates Foundation works in developing countries to eliminate diseases like malaria, improve education, and address poor sanitation.
It is expected to be the world’s second largest charitable foundation in 2020, with $49.8 billion in assets, and is supported by other wealthy donors such as billionaire investor Warren Buffett.