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On Wednesday, former Microsoft head and philanthropist Bill Gates announced that he is going to be giving “virtually all of his wealth” away to the Gates Foundation. Do not get it twisted, though, it’s still being donated to his own endowment.

This follows the 2010 announcement he made where he promised to donate all of his wealth again. However, his fortune has doubled since, said the BBC.

Currently, he is worth $118 billion, but $20 billion that he pledged to the Bill and Melinda Gates foundation will start to take him down a few pegs off the list of the world’s richest men.

He made the announcement in a rambling Twitter message.

“Several huge global setbacks over the past few years have left many people discouraged and wondering whether the world is destined to get worse,” Gates wrote on Twitter.

“The pandemic is one of the biggest setbacks in history. The war on Ukraine is a gigantic tragedy for the entire world. The damage from climate change is already worse than most models predicted. The U.S. has taken a huge step backwards for gender equality and women’s health,” he continued.

He said that he hopes that we “get back to the progress the world was making” before the pandemic.

Gates wants to increase the total money he spends from the organization from nearly “$6 billion per year today to $9 billion per year by 2026” to help solve the “great crises of our time.”

Berkshire Hathaway CEO Warren Buffet is a major contributor to the foundation as well and has also tweeted that he plans to give away all of his wealth. Buffet nearly contributes as much as Mr. Gates.

“I have an obligation to return my resources to society in ways that have the greatest impact for reducing suffering and improving lives. And I hope others in positions of great wealth and privilege will step up in this moment too,” Gates said.

Additionally, Gates noted that his foundation’s efforts have contributed to the “prevention of pandemics, reducing childhood deaths, eradicating diseases, improving food security and climate adaptation, achieving gender equality, and improving educational outcomes.”

According to the United Kingdom press release, Gates has previously partnered with their government in efforts created crops that are “more nutritious, more resistant to disease and better able to withstand severe floods.”

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Gates detractors wonder how good the effort’s touted by Bill Gates are considering they are a private organization wielding such huge influence.

Gates was previously the world’s richest man between 1995 and 2010 and then again from 2013 to 2017. Amazon’s Jeff Bezos took the top spot in 2017 before being ousted by Elon Musk in 2022.

In regular terms, Gates is donating the money to himself. Do you think that this will actually do anything to help society or is just all smoke and mirrors? Let us know your thoughts.