Bill Gates Says He’s Removing Himself From World’s Richest List By Transferring $20 Billion To Foundation: “I Have An Obligation To Return My Resources To Society”

Bill Gates will continue using his wealth to better the world, even if it means being booted off of the world’s richest list.

On Wednesday, the billionaire took to Twitter to outline his plans to increase the spending of the Bill & Melinda Gates Foundation from nearly $6 billion per year to $9 billion by 2026. To achieve this goal, the Microsoft co-founder will be transferring $20 billion of his personal wealth into the foundation’s endowment.

With the support and guidance of our board, we plan to increase our spending from nearly $6 billion per year today to $9 billion per year by 2026. To help make this spending increase possible, I am transferring $20 billion to the foundation’s endowment this month. pic.twitter.com/ybLMAKPx7I

— Bill Gates (@BillGates) July 13, 2022

This significant investment will knock Gates off the list of the world’s wealthiest people, a downgrade that he is fine with. The 66-year-old explained that he has an “obligation to return my resources to society in ways that have the greatest impact for reducing suffering and improving lives.” He is hopeful that other people in his position will find it in their hearts to do the same.

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 (@BillGates) July 13, 2022

The $20 billion investment will help fulfill Gate’s commitment to the Giving Pledge, which he created In 2010 alongside Melinda and Warren Buffett. The initiative aims to gather the richest people in America and encourage them to invest a large portion of their fortune in tackling the most pressing social issues.

Currently, Gates is the fourth-wealthiest person in the world, with an estimated $113 billion net worth.