Bill Gates has a new goal in life. He wants to get off the world’s richest people list. This is actually easier said than done. However, Bill started the process last Wednesday by giving a $20 billion donation to his foundation. A foundation which he and his ex-wife controls.
One can view this more of a transferring of wealth than a getting rid of wealth. Yes, Bill will lower his net worth by $20 billion, but his foundation’s asset will increase by $20 billion. Since the foundation is a non-profit, this transfer is done completely tax free.
The Bill and Melinda Gates Foundation plans to up its spending from $6 billion to $9 billion annually by 2026. The foundation is the primary vehicle for both Bill Gates and Warren Buffett to transfer their wealth. It’s a pretty cool setup. Instead of letting the government tax your money and spending it on stuff that you may not believe in, you transfer your wealth tax free to your foundation and spend the money tax free on stuff you are passionate about.
Although the foundation bears our names, basically half our resources have come from Warren Buffett. His incredible generosity is a huge reason why the foundation has been able to be so ambitious. I can never adequately express how much I appreciate his friendship and guidance. pic.twitter.com/at7MvJKxQv
— Bill Gates (@BillGates) July 13, 2022
“I have an obligation to return my resources to society in ways that have the greatest impact for reducing suffering and improving lives. And I hope others in positions of great wealth and privilege will step up in this moment too.” – Bill Gates
The Bill and Melinda Gates Foundation works in countries to eradicate diseases such as Malaria, improve education and tackle poor sanitation. It the world’s second largest charitable foundation, behind the Novo Nordisk Foundation. Bill’s $20 billion donation will make it number one.
Although the foundation has done good work, some have raised concerns about the ethics of a private endeavor wielding such great influence. For example, the foundation is the largest private donor to the World Health Organization.
Mr Gates held the title of the richest person in the world between 1995 and 2010, and again from 2013 to 2017. Amazon founder Jeff Bezos knocked him off the top spot in 2017 before Elon Musk took over in 2022.