In light of the growing economic and political turmoil, Bill Gates announced he will donate a record $20 billion to his foundation.
Financial reports are showing record inflation rates. However, instead of cutting back, the Microsoft founder and his ex-wife have decided to give more back.
The Gates made the massive contribution to their own charity, the Bill & Melinda Gates Foundation. The philanthropic organization aids a number of initiatives, including:
- Mitigating climate change;
- Food security improvements;
- Globally reducing childhood deaths;
- Equal access to education;
- Gender equality;
- Prevention of future pandemics.
The substantial donation inspired some of Bill Gates’ billionaire friends to also give record amounts of money to the foundation as well.
Warren Buffett believes in the Bill & Melinda Gates Foundation
On the heels of the $20-billion commitment, Warren Buffett made a generous gift of his own. “The Sage of Omaha” announced that he would contribute an annual donation of $3.1 billion to the cause.
Now, the Bill & Melinda Gates Foundation is able to raise their philanthropic budget by 50% owing to the record endowments.
Gates states that this significant donation is his way of helping others during a “great crisis of our time.”
“Despite huge global setbacks in the past few years, I see incredible heroism and sacrifice all over the world and I believe progress is possible.”— Bill Gates statement / ABC News
Melinda French Gates also spoke and wished to highlight the importance of humanitarian efforts — especially in times like these.
“Philanthropy has a unique role to play in helping people around the world recover from the pandemic and rebuild the underlying systems that left so many so vulnerable to begin with.”— Melinda French Gates statement / US News
Overall, charity of this magnitude is unfathomable to many. However, it has become a trend among the super wealthy.
Numerous billionaires — such as Mackenzie Scott — have promised to give away a majority of their wealth in their lifetime.
Until then, we will keep you posted on how the money will be put to use.
Featured image source: Bill Gates / Twitter; additional editing by GCTV Staff