Bill Gates gives $20 billion to his foundation, asks other billionaires to ‘step up’

Bill Gates, concerned about the “significant suffering” caused by global setbacks including the COVID-19 pandemic, announced Wednesday that he will donate $20 billion to his foundation so it can increase its annual spending.

The donation, combined with longtime board member Berkshire Hathaway CEO Warren Buffett’s $3.1 billion gift last month, brings The Bill and Melinda Gates Foundation’s endowment to approximately $70 billion, making it one of the largest, if not the largest in the world, depending on daily stock valuations. In an essay on the foundation’s website, Bill Gates said he hopes “others in positions of great wealth and privilege will step up in this moment too.”

The Gates Foundation plans to raise its annual budget by 50% over pre-pandemic levels to about $9 billion by 2026. The foundation hopes the increased spending will improve education, reduce poverty and reinstate the global progress toward ending preventable disease and achieving gender equality that has been halted in recent years.

According to the United Nations Development Program, 71 million people have been pushed into poverty since Russia’s invasion of Ukraine in February, mainly due to food and energy price surges. Households in the Balkans, the Caspian Sea region and Sub-Saharan Africa have been hit particularly hard. The U.N. World Food Program reports that the number of acutely hungry people is now 345 million, up 25% since the start of the war in Ukraine.

“Despite huge global setbacks in the past few years, I see incredible heroism and sacrifice all over the world and I believe progress is possible,” Bill Gates, the foundation’s co-chair, said in a statement. “But the great crises of our time require all of us to do more… I hope by giving more, we can mitigate some of the suffering people are facing right now and help fulfill the foundation’s vision to give every person the chance to live a healthy and productive life.”

Co-chair Melinda French Gates said the additional spending will help provide a more “fair and inclusive recovery.”