Bill Gates donates $20 billion to his foundation to  address global challenges

By: MRT Desk

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Bill Gates

Bill Gates announced on Wednesday (07.13.2022) that he will contribute 20,000 million dollars to the fund of the Bill & Melinda Gates Foundation this month and that he also intends to increase his annual spending to 9,000 million in 2026, which is 50% more than to pre-pandemic levels.

The co-founder of Microsoft, one of the most important philanthropists in the world, said in his personal blog that the Covid-19 pandemic and the Russian invasion of Ukraine are two “setbacks” in the face of the progress of the last two decades and highlighted that “the great crises of our time require us all to do more.

The tycoon also expressed concern about polarization in the US and the reversal of the right to abortion in the country, which he considered a “major setback for gender equality, women’s health and human progress in general”, warning that it has the potential to generate a greater regression in well-being.

The billionaire, however, declared himself “optimistic” and noted that he is putting a good part of his “energy and resources” into innovations aimed at preventing pandemics, advancing global health, mitigating climate change, improving education and reduced food costs.

Following the Gates’ divorce, doubts had been raised about the future funds the foundation would have, as Melinda French Gates said earlier this year that she would stop giving most of her fortune to this organization and distribute it the more entities.

With the additional 20,000 dollars that Bill Gates adds to the funds of the foundation created together with his ex-wife in the year 2000, the total endowment amounts to about 70,000 million, while the annual expenditure forecast would exceed 6,000 million at the time of pandemic to 9 billion in 2026.

“Looking to the future, my plan is to give all my wealth to the foundation, taking away what I spend on myself and my family,” added the businessman, who is estimated to have a fortune of around 122,000 million dollars.

Gates also dedicated a thank you to Wall Street guru and philanthropist Warren Buffett and revealed that half of the foundation’s resources to date have come from his donations, with a real cumulative value of about $45 billion.

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