The Gates' Become World’s Biggest Givers Following $20 Billion Donation | Forbes

The Covid-19 pandemic, according to Bill Gates, remains “worse than people realize.” Ditto the Ukraine War, not to mention the economic downturn and “the political context where the willingness to think globally and do complex things, at least, feels like it's at a pretty low period.” Gates says all of this a day before he’s set to announce, in juxtaposition, one of the most significant donations in the history of philanthropy — $20 billion, which he’s transferring this month to the eponymous foundation he co-runs, for now, with his ex-wife Melinda French Gates.

That donation brings the Gateses’ lifetime irrevocable giving to $55 billion, now making them the biggest philanthropists of all time. They move ahead of friend Warren Buffett who has given away $48 billion, most of it to the Gates Foundation.

The real world impact of this gift is huge: it means the Gates Foundation, the world’s largest, will now jack up its spending by 50 percent, to $9 billion a year by 2026; that’s more than the aid spending of all but five or so countries, per Gates’ math. “This is going to supercharge or accelerate, charge, turbocharge basically all the work that we do,” says the Microsoft cofounder, during an exclusive interview yesterday.

There’s significance here beyond another $3 billion each year going towards gender equity, disease eradication and infant mortality, among other causes expressly pursued by the Gates Foundation. It’s an eleven-digit statement about the need for the very rich to deploy their philanthropy more aggressively, rather than let it pile up so that generations of administrators can dribble it out for centuries under their name. “It's as though they're trying to maximize how long their foundation can exist,” says Gates, “as opposed to, are there's some high impact things they can do now?”

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[danielashefi]

A living good intentions.... no lies...a pure soul should get a an oscar....for the best acting

[Dannyx]

The money can't be touched now that it's in his "foundation". He still has access to every penny. This is a P.R. move. If you fall for another one of his moves then I'm sorry

[youtuber]

This guy is a criminal, he's doing this to make more money, wake up people

[MrWilson]

Is anyone falling for this “act” of “charity”

[robertpearce]

Loads of people complain about charitable donations being a tax dodge - But can anyone explain to me how this works in the US?
Because here in the UK, a rich person would pay 45% income tax. If they made a donation, of say £1000, they would be able to claim Gift Aid, which would top the donation up to £1250, using £250 of money from the tax office, which is money they've already paid in taxes (a reclaim of the basic rate of 20% tax) . They would then be able to claim back the other 25% tax from HMRC, meaning that a donation of £1250 to a charity would only cost them £687. BUT, the point is that the only tax they get out of is the tax they would have paid on the money that was donated. It still ultimately costs them money overall to make donations. So, not really much of a "dodge".
How does it work in the US?

[bankingsensei]

False, Tata has donated 100billion $, which is more than 50 billion

[useurheadsformorethanahatrack]

He can keep his money!!! It's pay to play!!!! Disgusting

[gopjobk]

It's funny how these super rich people claims to donate millions and millions but the average person never really benefit from these donations 🙄

[gordananaletina]

And you calling this " donation "? He is simply transferring his money from one account to another bc that other one gives him opportunity for more profit! Or, he is in trouble and trying to laundering his money through his fondation.

[PoloLuciano]

I wonder where all the money goes because the world doesn’t seem to be getting any better.

[saycheese]

Donations are a way of avoiding taxes, aren't they..?

[akscs]

For Indians, People should start respecting people other than tata

[faizanpeerzada]

TATA donated 102 billion dollars in 2021

[braunx]

seems to me like a scheme to make it appear like he "donated" but it goes to his own foundation. maybe, i would believe it if the donations were spread to many foundations or whatever. yes, it's his money and he can do whatever he wants with it but to make it appear as if he is giving away his money for charity, for the good of humanity is a scam.

[simplenothing]

So, basically he gave money to himself?

[carnbyarst]

Hundreds of billions have been donated over the last five decade's but basically nothing's changed. Obviously individual lives have changed but millions haven't. Changes can only be made politically it doesn't matter how much money is thrown at the problem..

[annkey]

Even if he gave 1$ and it was used in good cause its still Worth it. How many of you who laughing here gave something to help another person. If you are not willing to help minimum you can do, dont disturb. No one can force you to share your wealth with others but fortune is on wheel So dont blame others that no one will help you in difficult time while you didnt help, while you had good time.

[umairyaqoob]

Yeah he also gave 330 million to different magazines to promote him, LMAO 😂

[ابنآوي-لم]

There's creativity in the foundation's name.

[WhiteSheepNews]

It’s easy to donate money when it goes to yourselves.