Bill Gates is donating $20 Billion and plans to drop off from the ‘world’s richest’ list

Bill Gates funnels $20 billion of his wealth into the endowment of the Bill and Melinda Gates Foundation, which will provide financial help in the face of global challenges, including the war in Ukraine and the pandemic.

According to Bloomberg's Billionaire Index, Bill Gates is currently the World's fourth-richest person, with an estimated net worth of around $114 billion. Most of his wealth is tied to Microsoft shares. But his donation shows that he does not intend to rank that high forever.

Bill Gates and his ex-wife, Melinda French Gates, have pledged to donate most of their wealth to the foundation they established together 20 years ago. The foundation is World's one of the largest philanthropies. It planned to increase its payouts by 50% over pre-pandemic levels each year by 2026, from nearly $6 billion to $9 billion. The foundation primarily focuses on charitable giving to improve gender equality, education, global health, and other issues.

Microsoft's co-founder wrote in a blog," I will move down and eventually off of the list of the World's richest people." In his blog, he added that he must return his resources to society in ways that have the impact of improving lives. He also said that he hopes others with great wealth and in privileged positions will step up in the moment of crisis in the World.