Bill Gates has Donated Over $50 Billion but He’s Richer than Ever–How Did that Happen?
These days Bill Gates is just as well known for his charity work as he is for his contributions to Microsoft. The billionaire has made it a mission to use his wealth to make the world a better place and has stayed true to his promise to give away his billions throughout his lifetime.
Committed to Philanthropy
Together with his wife Melinda Gates and long-time friend Warren Buffett, the 64-year-old businessman spearheaded The Giving Pledge, a campaign that encourages fellow wealthy people to give the majority of their fortunes to charitable causes.
So far, the campaign has gathered 210 signatories including the likes of Tesla CEO Elon Musk and Facebook CEO Mark Zuckerberg.
While giving away money may seem easier than earning it, the task gets significantly more difficult when you’re worth over $100 billion. Gates is leading an admirable example though.
He and his wife have reportedly donated more than $50 billion over the years through their foundation. Most of their efforts focused on fighting global poverty.
In 2019 alone, the couple gave away $589 million, which made them the seventh most charitable people that year. They have also been at the forefront of combating the coronavirus pandemic and funding research to develop a vaccine for COVID-19.
Aside from that, the Bill and Melinda Gates Foundation has also pledged $200 million to improve schools and $2 billion to combat malaria.
Still, it’s worth noting that Gates’ fortune is just growing faster than he can give away his wealth. When The Giving Pledge was founded a decade ago, the Microsoft co-founder was worth $54 billion.
Today, he’s richer than ever with a net worth of $114.7 billion.
Despite his quest to give away his fortune, Gates managed to retain the title of being the richest man in the world from 2000 to 2007. And for the following couple of years, the top spot was alternately occupied by him, Buffett, and Carlos Slim, a Mexican tycoon.
These days though Gates is stuck on the second spot just behind Amazon CEO Jeff Bezos who is also a well-known philanthropist.
So, how did the billionaire manage to grow richer while giving his money away? Well, it’s a mix of excellent wealth management and successful investments in an industry he knows very well: technology.
For example, Microsoft stock has grown to over $200 per share over the decades. It started trading at just $21 per share when the tech company went public in the ‘80s.
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