Bill Gates plans to drop off the list of the richest people by transferring $20 billion to a charity.
Media reports state that Bill Gates is contributing $20 billion of his wealth to the Bill and Melinda Gates Foundation's endowment,
which is increasing its spending in response to global problems including the pandemic and the Ukrainian conflict.
One of the largest philanthropies in the world, the foundation, plans to expand its payouts from about $6 billion to $9 billion year by 2026,
a 50 percent increase above pre-pandemic levels. The foundation's primary interests, according to CNN,
include philanthropic giving and issues including global health, gender equality, and education.
Both the Microsoft co-founder and his ex-wife, Melinda French Gates, have made a commitment to donate the majority of
their wealth to the foundation they co-founded 20 years ago as well as other charitable endeavours.
The pair separated in May 2021 and said they would work together as co-chairs for a two-year trial term. After that trial,
French Gates will have the option of leaving the foundation and accepting payment from her ex-husband, who will continue to operate it.
With an estimated net worth of almost $114 billion, Bill Gates is currently the fourth richest person in the world,
according to Bloomberg's Billionaire Index. His Microsoft stock holdings account for the majority of his wealth.
However, he has no desire to stay in that role.
In a blog post, Gates projected that he will eventually fall off the list of the world's richest people.
"I owe it to society to invest the resources I have in ways that will have the biggest positive impact on people's lives.
I'm hopeful that other people who hold positions of enormous wealth and power would also speak up at this time, he said.