Experts in finance generally advise taking care when you decide to allocate your money to ensure that you don't end up running out. For Billionaire Bill Gates, Running out of money is his aim. The Microsoft co-founder of Microsoft announced this week that he will donate twenty billion of his wealth in cash to the Bill & Melinda Gates Foundation and reiterating his commitment to donate "virtually all of my wealth to the foundation" and eventually be taken off the list of most wealthy people in the world. Gates made the announcement in a tweet on Wednesday, stating: "I have an obligation to contribute my resources to the society in ways that will have the greatest impact on alleviating suffering and improving the lives of people. And I'm hoping that other people who are in positions of riches and privilege will join me as well." Gates together and his former wife Melinda French Gates, has already contributed nearly $50 billion of his wealth to the Foundation since 1994. For the fourth-richest individual to reach his goals, he'll have to put together a massive charitable effort that will give away the entirety of his fortune that Bloomberg is currently estimating at $113 billion.
The Gates Foundation's impact to date -- and a glimpse at the future:
In a blog entry on Wednesday morning, Gates said that his Gates Foundation will increase the amount of money it spends annually by 50% up to $9 billion by 2026. This is up from the current budget of $6 billion. "It is now apparent that the need for every area in which we work is more urgent than ever before. The greatest challenges of our times require everyone to do better," Gates wrote, noting recent "huge global setbacks" that range from the Covid-19 virus to the Russian invasion of Ukraine founded in 2000 the foundation has become one of the biggest charity organizations. The foundation supports a range kinds of cause, but with specific concentration on finding solutions to global problems like diseases and poverty, climate change and access to healthcare as well as education. Looking ahead Gates stated that he would like his ever-growing contributions to finance research and development for the purpose of preventing new pandemics in the future, as well as limiting the effects of climate change and reducing global deaths of children from preventable illnesses in half over the next years. The foundation's critics are concerned about the risks -and conflicts of interest that could arise from an enormous charitable foundation with the power to influence how millions of dollars are allocated in particular on matters that are of global significance. They have also argued that private charities should be subject to more oversight from the public and be accountable. However, Gates Foundation has proven to be a positive example. Gates Foundation has undeniably impacted the world in a positive way already. In a study from 2008, Rice University researchers found that the foundation was instrumental in boosting financial aid to the National Institutes of Health for research into vaccines against tuberculosis and malaria, as well as other global diseases such as cardiovascular disease and asthma. In the same way The Gates Foundation played a key part in the creation of Gavi, which is the Vaccine Alliance -an international health program established in 2000, which provides vaccination to countries in need and has assisted in vaccinating nearly 1.2 billion individuals against illnesses like polio, Covid-19, and measles. The foundation contributed over four billion dollars for the project, with $750 million for seed funding as well as helping convince governments and health organizations to contribute millions more. The program claims it has stopped the deaths of more than 15 million since it was launched.
Gates's fortune might increase even more before he decides to give the entire fortune away:
The majority of Gates fortune comes from private assets as well as common stocks, which includes an estimated one percent stake in Microsoft which is currently valued at around $19 billion. His net worth fluctuates in line with the market and has risen by around 25% over the last five years, in spite of previous donations to charities and a planned transfer of at the least six billion dollars to his wife following their divorce in 2021. If these assets keep growing in value, Gates may find himself with greater than the sum of $113 billion worth of assets to donate. Historically, Gates has donated shares of Microsoft and other investments to charities such as that of the Bill & Melinda Gates Foundation which holds the majority of its $70 billion in its stock fund. In the future, he may continue to give donations in the form of shares or liquidate the majority of his assets and then donate the cash value This is likely to be the case with regards to real estate assets that includes a 6,600-square-foot lakeside residence located in Medina, Washington that Wealth-X valued at $80 million as of 2019 . He also has an art collection that Wealth X valued at $130 million. This includes artworks of Leonardo Da Vinci Either way it's likely to be an enormous task and the billionaire claims that he's excited about it. In his blog article, Gates wrote that he does not see the act of giving his wealth away as a sacrifice "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 for improving lives," said the author.
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