Recent reports have shown that American billionaire Bill Gates will transfer about $20 billion of his fortune to the Bill and Melinda Gates Foundation fund, which takes care of facing global challenges, including the epidemic and the war in Ukraine.
According to Arab Net, the foundation, one of the largest charities in the world, plans to increase its payments by 50% from pre-pandemic levels, from approximately $6 billion to $9 billion annually by 2026.
The foundation focuses primarily on philanthropic giving, which aims to improve global health, gender equality and education, among other issues.
The Microsoft co-founder and his ex-wife, Melinda French Gates, have pledged to donate the vast majority of their fortune to the foundation they founded together 20 years ago, among other charitable endeavours.
The couple announced their divorce in May 2021, saying they would work together as co-chairs under a two-year trial period.
At the end of that trial, French Gates has the option to resign and receive damages from her ex-husband, who will remain in charge of the foundation.
With a net worth of about $114 billion, Bill Gates is the fourth-richest person in the world, according to the Bloomberg Billionaires Index, with most of his wealth tied to Microsoft stock, but he doesn't intend to rank that high forever.
Gates wrote in a blog on Wednesday: "I will move down and out of the list of the world's richest people.. I have an obligation to return my resources to society in ways that have the greatest impact on improving lives.. I hope others will step up in positions of great wealth and privilege at this moment as well." p>
