Bill Gates vows to drop off world's rich list

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Bill Gates said that he will give away his wealth eventually.

Microsoft co- founder Bill Gates said he would donate $20 billion to his philanthropic fund.

The fourth richest man in the world said he had an obligation to give back his wealth.

The net worth of Mr Gates has more than doubled since he promised to give it away.

According to Forbes magazine, he is worth $118 billion, but that will fall after he donated to the Bill and Melinda Gates Foundation.

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.

— Bill Gates (@BillGates) July 13, 2022

Mr Gates said that the foundation's spending would increase from $6 billion a year to $9 billion by 2026 due to the recent global setbacks.

He plans to give most of his wealth to the foundation. I will leave the list of the world's richest people one day.

I have an obligation to return my resources to society in ways that help reduce suffering and improve lives. I hope that other people in positions of wealth and privilege will follow suit.

Malaria is one of the diseases that the Gates Foundation works to eradicate. It was thought to be the world's second largest charitable foundation in 2020 with $49.8 billion in assets and is backed by wealthy benefactors such as Warren Buffet.

Some people are concerned about the ethics of a private endeavor that wields such influence.

The foundation makes an annual donation to the World Health Organization. After Donald Trump threatened to pull US funding, there was more concern about this.

Between 1995 and 2010 Mr Gates was the richest person in the world.

After Bezos knocked him off the top spot, Musk took the throne.