The Bill &Melinda Gates Foundation announced Wednesday its intent to increase its annual payout to 9 billion U.S. dollars by 2026, a 50 percent rise over its pre-pandemic levels.
A press release from the foundation said the foundation"s board of trustees is fully aligned with the plan to increase the annual payout, which will enable the foundation"s partners to accelerate pandemic recovery and regain ground in existing focus areas.
Bill Gates himself also announced at the same time a 20 billion dollars gift to the endowment, while Warren Buffett made a 3.1 billion dollars annual gift last month. Added together, the foundation"s endowment will be approximately 70 billion dollars, according to the release.
"Thanks to the unparalleled generosity of Bill, Melinda, and Warren, the foundation is in a strong position to help respond to critical headwinds in health and development now and into the future," said foundation CEO Mark Suzman.
"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," said Bill Gates, co-chair of the foundation. "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."
According to the release, these new resources will enable the foundation to increase its investments in its existing strategies, which include global health and development, gender equality, and education, primarily in low- and middle-income countries, in addition to its work in U.S. education and economic mobility.
Buffett has contributed a total of 35.7 billion dollars to the foundation, while Bill Gates and Melinda French Gates have contributed 39 billion dollars. Since 2000, the foundation has spent 79.2 billion dollars, the release said.
