"It is easier to build a strong child than to repair a broken man." - Frederick Douglass

Bill Gates Gives Away Wealth to Be Off the ‘World’s Richest People’ List

Gates
Courtesy of Niall Kennedy (Flickr CCo)

Bill Gates, the co-founder of Microsoft, has always been an advocate for giving back to people in need. He wants to help people live a quality life without having them struggle. In 2000, Gates and his former wife, Melinda, began one of the largest philanthropies in the world, the Bill & Melinda Gates Foundation. The Foundation works to help people live healthy and productive lives, improving people’s health, and bringing people out of hunger and extreme poverty. Since then, the foundation has donated more than $79 billion to fund healthcare and education initiatives, among others.

He and Melinda announced their divorce in May 2021. They stated that they would work together as co-chairs under a two-year trial period. At the end of that trial period, Melinda French Gates has the option to resign and receive a payout from her former husband. While Gates would remain in charge of the foundation.

Gates
Courtesy of Red Maxwell (Flickr CCo)

Bill Giving Back

On Wednesday, he posted on Twitter announcing that by 2026, the Bill and Melinda Gates Foundation would up its spending from $6 billion to $9 billion annually. Gates then went on to announce that he will be making an additional donation of $20 billion to the foundation. However, after the donation, Gates essentially states that he no longer wishes to be rich anymore. He would rather return his resources to those who need them the most.

Bill Quits Being Rich

With an estimated net worth of around $114 billion, he is currently the world’s fourth-richest person, according to Bloomberg’s Billionaire Index — with most of his wealth tied to Microsoft shares. Although this would be an accomplishment to others, he does not intend on being ranked that high forever.

Microsoft co-founder vows to give away all his wealth and to be booted off the “World’s Richest People” list. His executive notes in a series of posts on Twitter, that he feels he has an “obligation” to give back resources to society in order to have the “greatest impact for reducing suffering and improving lives”.

The billionaire began talking about worldwide problems and “setbacks”, such as the pandemic, Ukraine and Russia conflict, climate change, and gender equality in the U.S.

“As I look to the future, I plan to give virtually all of my wealth to the foundation. I will move down and eventually off of the list of the world’s richest people,” Microsoft co-founder wrote on the platform. “I have an obligation to return my resources to society in ways that have the greatest impact for reducing suffering and improving lives.”

What Does Bill Think About Money?

Despite Gates no longer wanting to be rich, that does not mean he diminishes the importance of having money. At the University of Washington in 2011, Gates said: “I can understand wanting to have millions of dollars, there’s a certain freedom, meaningful freedom, that comes with that”. However, he does claim that money only goes so far.

Written by Olivia Nwigwe
Edited by Sheena Robertson

Sources

CNN: Bill Gates funnels $20 billion to foundation and plans to drop off list of wealthiest people

Entrepreneur: Bill Gates Intends to Stop Being One of the World’s Richest People

BENZINGA: Bill Gates Doesn’t Want To Be Rich Anymore: ‘I Will Move Down And Eventually Off Of The List Of The World’s Richest People’

Top and Featured Image Courtesy of Niall Kennedy‘s Flickr Page – Creative Commons license

Inset Image Courtesy of Red Maxwell’s Flickr Page – Creative Commons license

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