The world's richest men increased their net worth by trillions of dollars. The Washington Post said that Musk and Bezos got a fifth of that. Bill Gates looked at the world crumbling around him and decided to create a new business plan.
Gates plans to personally donate funds that will dramatically increase the annual amount that the Bill & Melinda Gates Foundation pays out to support global initiatives in the name of progress.
The Gates Foundation intends to increase spending from $6 billion per year before COVID to $9 billion per year by the end of the decade. The foundation's formal board members unanimously agreed on the 50 percent annual budget increase.
Gates said it was his duty to give more as one of the richest men in the world.
Gates said in a press release that the crises of our time required all of us to do more. I am raising my giving to the Gates Foundation in order to increase their payouts. I hope we can help alleviate some of the suffering people are facing right now and help fulfill the foundation's vision to give every person the chance to live a healthy and productive life.
AdvertisementGates has a net worth of $102 billion. He expects that the money will be used to increase its investments in its existing strategies, which include global health and development, gender equality, and education, in addition to low and middle-income countries. The Gates Foundation has an endowment of approximately billion.
The Gates Foundation has spent almost the same amount of money since it was founded in 2000 as the current endowment.
Gates thinks that the need for funding will increase over time. The world's No. 5 richest man says he plans to act more drastic than giving away a fifth of his net worth. To make a lasting impact, he promised to give all his wealth to the foundation instead of spending it on himself and his family.
Without taking money away from other important work that we fund, the Gates Foundation has struggled to fund key COVID response efforts since the Pandemic began.
Over the past two years, Gates watched as the foundation committed over $2 billion to address COVID responses, including over $1 billion to advance global nutrition. He worried about diverted funding from research and programs addressing longstanding issues, like combatting the damage from climate change, which is worse than most models predicted.
AdvertisementGates believes progress is possible at a time when pessimism is on the rise.
The foundation's increased annual budget will focus on funding research and development of new programs and technologies in five key areas.
Even though the billionaire concedes that it could still be too little too late, he still thinks it's worth it. Gates said that the innovations won't come in time to avoid the problems, but that the faster we move, the less people will suffer.
Gates plans to donate all of his money to the foundation in the coming years, as well as giving and investing in US health care issues and climate change solutions. He believes that these efforts will create wealth. Gates made it clear that all proceeds from his investments would go to the foundation.
It appears that philanthropists like Gates will lead the charge against climate change in the US. The economic package currently being debated includes new spending on climate change. Plans to increase taxes on the rich is something Manchin does not agree with. Gates said that divisive politics are to blame for holding back progress.
Gates wants to help tackle the world's biggest challenges by investing his wealth. He suggested that removing himself from the list of the world's richest men would be a good goal for any billionaire currently enjoying those tax breaks. Gates hopes that others in positions of wealth and privilege will follow suit.
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