Bill Gates, who is currently ranked fifth on Forbes' list of the world's billionaires, has made a significant announcement about his non-profit organisation, Bill & Melinda Gates Foundation, which he founded with his ex-wife almost two decades ago. He has stated that in the future, he plans to "give all my wealth to the foundation other than what I spend on myself and my family."

“By 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 on improving lives. I hope others in positions of great wealth and privilege will step up at this moment too,” Bill Gates said in a blog.

The tech billionaire said he would transfer $20 billion to the non-profit this month, eyeing a goal set for 2026.

Bill Gates, on the website - www.gatesnotes.com  - revealed his future plans. 

“With the support and guidance of our board, the Gates Foundation intends to increase spending from nearly $6 billion per year before COVID to $9 billion per year by 2026. Our focus will remain the same—but at this moment of great need and opportunity, this spending will allow us to accelerate progress by investing more deeply in the areas where we are already working. To help make this spending increase possible, I am transferring $ 20 billion to the foundation’s endowment this month,” the 66-year-old Microsoft founder wrote in a post, where he has counted the Ukraine war and Covid among the top challenges the world is facing.

According to Forbes, the tech billionaire currently has a net worth of $103 billion.

In his latest revelations, he also stated that American business magnate Warren Buffet has played an important role in the growth of the Bill and Melinda Gates Foundation. "There is one little-known but important reason why the foundation has been able to be so ambitious." Despite its name, the Bill & Melinda Gates Foundation has received over half of its funding from Warren Buffett's gifts, according to Gates.

Warren "has gifted the foundation $35.7 billion since 2006, including his most recent gift of $3.1 billion in June," he stated. "If you consider the appreciation of the Berkshire Hathaway stock after it was granted, the true worth of these donations is nearly $45 billion," the post added.

The Bill & Melinda Gates Foundation defines itself as a non-profit organisation dedicated to "fighting poverty, disease, and inequity across the world." By 2020, it claims to have committed $2 billion to the global fight against.