Why Bill Gates Is Willingly Giving Away His Wealth
It's not common to hear of wealthy people just giving away their money, however, that's just what Bill Gates is about to do.
Wealth accumulation was a phenomenon that many Americans were aware of during the COVID pandemic. While most of the middle and lower classes struggled financially, the wealthiest among us rapidly accumulated income at unprecedented rates. The richest billionaires continued to get richer, with the most affluent men earning a total of one trillion dollars in overall net worth amid global pandemonium. This showcased the systematic disadvantages for many living in a capitalist society; at a time when people were financially crunched and out of work, billionaires’ revenue exponentially increased. One billionaire, Bill Gates, has been a notable figure for distributing his wealth during these frustrating times.
Bill Gates is one of the wealthiest men in America. He’s most known for founding Microsoft, one of the leading computer software companies worldwide. His revolutionary technology has made him an unequivocal billionaire, along with Jeff Bezos and Elon Musk. But unlike those two businessmen, Gates decided to divert incoming revenue from his own pockets to the ones of struggling Americans. In a recent blog post, the billionaire declared that he would increase his annual givings from the Bill & Melinda Gates Foundation to charitable initiatives worldwide.
Before COVID, Bill Gates put $6 billion a year into the Bill & Melinda Gates Foundation. Now, the entrepreneur is looking to expand these funds to $9 billion a year until 2026. The board members have already agreed to this proposed 50% increase, with Gates hoping to invest more money into needed organizations continually. Though $9 billion is only a fraction of his $100 billion net worth, Gates is redistributing more wealth than any billionaire in his tax bracket.
In a recent press statement, Bill Gates said about his donation increase. He referred to the COVID pandemic and the issues it catalyzed as the “great crises of our times,” believing that people must do more accordingly. He hopes that by giving more money to the foundation, he can lessen the devastating effects of this long-lasting pandemic. As America teeters on the brink of a recession, the average citizen needs more money and security than ever. Though Gates won’t change the entire US system of inequity, upping his donation funds will make a difference for people currently in need.
Alongside Bill Gates’s proposed $9 billion increase to the Bill & Melinda Gates Foundation, he will also transfer $20 billion to the fund this month. This upcoming donation will help jumpstart the funding of new initiatives, which include global health and development, gender equality groups, and education. Another huge American billionaire, Warren Buffett, has also pledged to give money to the Gates foundation. Buffett’s gift is estimated to be around $3.1 billion, bringing the foundation’s endowment total to over $70 billion.
Bill Gates’s foundation was also a critical player in funding COVID-response organizations. Over the past two years, the fund has donated $1 billion to advance global nutrition and over $2 billion to COVID-19-related groups like vaccine research. Now, the billionaire wants to focus more money and attention on organizations fighting against climate change. The leftover funds will start funding research and development for new technology that aids in climate mitigation and adaptation.
