In order to expand its annual spending, solve the “big problems” facing the globe, and “reduce suffering,” Bill Gates has promised to donate $20 billion to his charity foundation.
Gates stated that he was making the donation to “help meet urgent global needs” in light of the pandemic, the war in Ukraine, and the catastrophic effects of climate change.
Coming Up Big
The Bill and Melinda Gates Foundation’s endowment now stands at about $70 billion, making it one of the largest, if not the largest in the world, depending on daily stock valuations. This is thanks to the $20 billion donation as well as longtime board member and CEO of Berkshire Hathaway Warren Buffett’s $3.1 billion gift made last month.
By 2026, The Gates Foundation hopes to increase its yearly budget to around $9 billion, up 50% from pre-pandemic levels. The foundation anticipates that the increased funding will enhance education, lessen poverty, and resume recent halts in global progress toward gender equality and the eradication of preventable disease.