Microsoft founder Bill Gates has pledged a C$20 billion donation to his philanthropic fund, and the billionaire also hinted at plans to “drop off” the world’s list of the richest people.

Bill Gates, the fourth richest man in the world at C$118 billion, according to Forbes, will lose significant value after his July donation to the Bill & Melinda Gates Foundation, the charitable fund he founded with his ex-wife in 2000.

“As I look to the future, I plan to give virtually all of my wealth to the foundation. 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,” Gates tweeted.

Bill Gates also stated that the Foundation would increase its spending from C$6 billion annually to C$9 billion by 2026, owing to recent global setbacks such as the pandemic, the ongoing war in Ukraine, and climate crisis.

Since its inception, the foundation has donated billions of dollars to eradicate diseases like malaria, improve education, and combat poor sanitation.

By 2020, the charitable organization had C$49.8 billion in assets and is backed by wealthy beneficiaries, including billionaire Warren Buffett, who contributed 50 per cent of all donations.

The sources for this piece include an article in BBC.