Bill Gates Has Reportedly Donated Five Percent Of His Fortune To Charity
Bill Gates had reportedly given away five percent of his huge fortune, according to Business Insider.
The Microsoft billionaire gave $4.6 billion as a donation to an unknown charity, according to a Securities & Exchange Commission filing. It's his largest donation since 2000, when he donated a reported $5 billion to create the Bill & Melinda Gates Foundation.
While there's no specific mention of where the money is going, it's believed that it will will go to his own charity, which will bring the total of all his donations up to more than $18 billion.
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The billionaire set up the Giving Pledge with Warren Buffett, which "is a commitment by the world's wealthiest individuals and families to dedicate the majority of their wealth to giving back." Gates obviously practices what he preaches.
The $4.6 million his donation represents 38 percent of his Microsoft holdings, but is a fairly small figure considering his estimated $85 billion+ fortune.
Earlier in the year a report from Oxfam claimed that Gates will likely be the world's first trillionaire.
The charity suggested that it may happen in the next 25 years, thanks to the exponential growth of his existing wealth. By that time, the 61-year-old Microsoft founder will be 86.
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Bill with former US President Barack Obama. Credit: PA
According to the 'An Economy for the 99%' report, just eight of the world's richest billionaires have as much money as the 3.6 billion people who make up the poorest half of the global population.
And despite the report highlighting his 'commendable attempts to give [his money] away through his foundation', Gates' net worth has increased by $25 billion (£20 billion) since he retired from playing a part in day-to-day operations at Microsoft in 2014.
To estimate how much he'll be worth in a few years, researchers applied the average rate of growth that the ultra-rich have been enjoying - 11% since 2009 - to Gates' current level of wealth, which is more than $84 billion (£67.2 billion).
The report says: "As growth benefits the richest, the rest of society - especially the poorest - suffers.
"The very design of our economies and the principles of our economics have taken us to this extreme, unsustainable and unjust point.
"Our economy must stop excessively rewarding those at the top and start working for all people."
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