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Bill Gates has pledged to drop off the world’s rich list by donating money, beginning with a $20 billion donation.

Bill Gates, the world’s richest person, says he will be removed from the list by choice because he intends to give away the majority of his wealth. The world’s fourth-richest man, worth around $122 billion, announced plans to donate nearly all of his financial assets to his charity foundation, beginning with a $20 billion (£16.92 billion) donation.

“As I look forward, I intend to donate virtually all of my wealth to the foundation,” he tweeted. “I will fall and eventually fall off the list of the world’s wealthiest people.”

Together with his former wife, Melinda Gates, he is the most generous philanthropist of all time.

Bill Gates to drop off World's Rich list by donating money
Bill Gates to drop off World’s Rich list by donating money

In 2000, the couple established the foundation in their names to combat poverty, disease, and inequity around the world, particularly in developing countries, and to fund vaccines. It is one of the wealthiest philanthropic organizations in the world. Mr. Gates announced that the foundation’s spending will be increased from nearly $6 billion per year to $9 billion by 2026. “I have an obligation to return my resources to society in the most effective ways for reducing suffering and improving lives,” he added.

“And I hope that others in positions of great wealth and privilege will also step up at this time.” According to Forbes, the Gateses’ lifetime irrevocable giving totals $55 billion. It puts the couple ahead of their friend Warren Buffett, who has given a similar amount.

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