Bill Gates says his pledge to give away his wealth will erase him from list of the world's wealthiest people

Bill Gates said Wednesday that he will give his wealth to his ex- wife's foundation.

The Microsoft co- founder said he was transferring $20 billion to the foundation's endowment this month to increase spending to $9 billion per year by 2026, citing the setbacks caused by the Pandemic and the war on Ukraine.

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

He said that Warren Buffet's generosity is a huge reason why the foundation has been able to be soambitious.

The Giving Pledge is a movement of philanthropists who commit to giving the majority of their wealth to philanthropy or in their wills. Over 200 billionaires signed its petition.

Gates said he has an obligation to return his resources to society in ways that have the greatest impact. I hope that other people in positions of great wealth and privilege will follow suit.

Gates believes in addressing global issues like climate change and that's why he wants to give up his wealth. Since he's giving so much of his wealth away, he won't be able to pass it on to his children to become billionaires.

According to the billionaires index, he has a net worth of $114 billion.