American business magnate, Bill Gates, has committed to give his riches away once more, adding that he will eventually “slip off” the world’s rich list.
It occurred as the Microsoft co-founder announced a $20 billion (£17 billion) commitment to his nonprofit organization.
The world’s fourth richest man stated that he felt a “responsibility” to give back to society.
Mr Gates initially committed to give up his fortune in 2010, but his fortune has more than doubled since then.
According to Forbes magazine, he is presently worth $118 billion, although that figure will drop dramatically following his July commitment to the Bill & Melinda Gates Foundation, the philanthropic fund he established with his ex-wife in 2000.
Mr Gates stated in a Twitter thread that the foundation’s investment would be increased from $6 billion to $9 billion by 2026 due to recent “global setbacks” such as the pandemic, Ukraine, and the climate catastrophe.
“As I look to the future, I plan to give virtually all of my wealth to the foundation,” he said. “I will move down and eventually off of the list of the world’s richest people.
“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.”
The Gates Foundation works in developing nations to eliminate diseases like malaria, boost education, and address poor sanitation.