Bill Gates has made a big revelation for his non-profit organization - Bill & Melinda Gates - that he had set up with his former wife about two decades ago.
He has said that he plans to “give all my wealth to the foundation other than what I spend on myself and my family” in future.
“My giving this money is not a sacrifice at all. I feel privileged to be involved in tackling these great challenges, I enjoy the work, and I believe I have an obligation to return my resources to society in ways that have the greatest impact on improving lives. I hope others in positions of great wealth and privilege will step up at this moment too,” Bill Gates said in a blog.
“With the support and guidance of our board, the Gates Foundation intends to increase spending from nearly $6 billion per year before COVID to $9 billion per year by 2026. Our focus will remain the same—but at this moment of great need and opportunity, this spending will allow us to accelerate progress by investing more deeply in the areas where we are already working. To help make this spending increase possible, I am transferring $ 20 billion to the foundation’s endowment this month,” Microsoft founder wrote in a post.
In his latest set of revelations, he also highlighted that American businessman Warren Buffet has been instrumental in the growth of the Bill and Melinda Gates Foundation. “There is one not-very-well-known but incredibly important reason why the foundation has been able to be so ambitious. Although it is named the Bill & Melinda Gates Foundation, basically half of our resources to date have come from Warren Buffett’s gifts,” Gates shared.
Since 2006, he said, Warren “has gifted the foundation $35.7 billion, including his most recent gift of $3.1 billion in June.” “The actual value of these gifts is about $45 billion if you include the appreciation of the Berkshire Hathaway stock after it was given,” the post added.