Why billionaire Bill Gates wants to drop off rich list

Bill Gates wants to drop off the rich list by giving his money away to charity – and he’s asking others to do the same.

One of the world’s richest people wants to drop off the rich list and be an example to other billionaires around the globe.

US business magnate Bill Gates, the fourth richest person in the world, has revealed he plans to give all his wealth to the Bill & Melinda Gates Foundation, “other than what I spend on myself and my family”.

“I will move down and eventually off the list of the world’s richest people,” he wrote in a blog post on Wednesday.

“My giving this money is not a sacrifice at all. I feel privileged to be involved in tackling these great challenges, I enjoy the work, and I believe I have an obligation to return my resources to society in ways that have the greatest impact for improving lives.

“I hope others in positions of great wealth and privilege will step up in this moment too.”

Bill Gates has revealed a huge donation to his charity and his long-term goal to drop off the rich list. Picture: Michael Loccisano/Getty Images/AFP

In the post, Mr Gates announced he would be transferring nearly $US20 billion ($A30 billion) to the foundation’s endowment this month.

He said it would help the foundation meet its aim to spend more than $US9 billion ($A13 billion) per year by 2026 – up from the approximately $US6 billion ($A9 billion) spent per year before the pandemic.

During the pandemic, an additional $US1.5 billion ($A2.2 billion) was spent to help with the Covid response and $US500 million ($A740 million) has been committed but has not yet been disbursed.

Mr Gates said the pandemic and the invasion of Ukraine were just two examples of the huge global setbacks in the past few years that have caused “significant suffering”.

“But the great crises of our time require all of us to do more,” he said. “I hope by giving more, we can mitigate some of the suffering people are facing right now and help fulfil the foundation’s vision to give every person the chance to live a healthy and productive life,” he said in a statement.

Bill Gates and Melinda French Gates are divorced but have continued to run their charity together. Picture: Frederic Stevens/Getty Images

His ex-wife, Melinda French Gates, who runs the charity with Mr Gates, said: “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.”

Mr Gates listed the key innovation areas in his blog that were a focus for the Bill & Melinda Gates Foundation and Breakthrough Energy – which he founded in 2015 with a coalition of private investors to support innovations that will lead the world to net-zero emissions.

They included preventing pandemics, reducing childhood deaths, eradicating diseases, improving food security and climate adaptation, achieving gender equality, improving educational outcomes, and mitigating climate change.

Mr Gates and his ex-wife started their foundation in 2000.

The couple announced their divorce in May last year but agreed to continue running the foundation together for a two-year trial period.

Mr Gates’ nearly donation announced today will bring the foundation’s endowment to about $US70 billion ($A103 billion). It comes after longtime board member Warren Buffett’s $US3.1 billion ($A4.6 billion) annual gift last month.