Bill Gates to Give Another $29 Billion To Gates Foundation
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Bill Gates to Give Another $29 Billion To Gates Foundation

The foundation says it plans to increase its annual payout by billions of dollars in coming years

By Emily Glazer
Thu, Jul 14, 2022 2:13pmGrey Clock 2 min

Bill Gates said he is giving another $20 billion to the Bill & Melinda Gates Foundation endowment this month, and the foundation said it plans to dole out funds faster in the coming years.

The two announcements on Wednesday follow a recent Wall Street Journal article saying that the Gates Foundation was adjusting to possible changes in billionaire Warren Buffett’s plans for his charitable giving and that a little-known Buffett family foundation was preparing to receive an influx of money.

“As I look to the future, my plan is to give all my wealth to the foundation other than what I spend on myself and my family,” Mr. Gates, the Microsoft Corp. co-founder, wrote in a blog post Wednesday. He also detailed the billions that his friend Mr. Buffett has given to the Gates Foundation, noting that about half of the foundation’s resources so far have come from Mr. Buffett, the chief executive of Berkshire Hathaway Inc.

Mr. Gates’s latest gift would bolster the Gates Foundation’s endowment, which is roughly $50 billion. The Gates Foundation said Wednesday it would increase its payout by 50% over prepandemic levels, to about $9 billion annually by 2026 compared with about $6 billion pre-Covid 19.

Mr. Buffett, who has pledged to give away most of his wealth, has made annual gifts to the Gates Foundation since 2006, including a roughly $3 billion donation of Berkshire shares in June. He resigned as a Gates Foundation trustee in 2021.

The Journal reported in June that while Mr. Buffett hasn’t revealed publicly how his estate will be divided, officials at the Gates Foundation and the Susan T. Buffett Foundation have discussed in internal meetings that the amount left to the Buffett family foundation could be as high as $70 billion to $100 billion. An endowment of that size would make the Buffett foundation, which is a major supporter of abortion rights, one of the largest private philanthropies in the world, based on publicly available data.

Mr. Buffett didn’t immediately respond to a request for comment on Wednesday.

“Warren’s advice and thinking influenced the foundation in a profound way even before he made any gifts,” Mr. Gates wrote in his post Wednesday. “Warren, I can never adequately express how much I appreciate your friendship and guidance as well as your generosity.”

The foundation brought in more independent oversight after Mr. Gates and Melinda French Gates filed for divorce. Ms. French Gates subsequently indicated she will shift more of her wealth among other philanthropies. Under terms of the divorce, she agreed to resign from the foundation in 2023 if either she or her ex-husband decides they can no longer work together.

Mr. Gates wrote that he and Ms. French Gates approved an additional $2 billion in spending to help with Covid-19 response and US$1.5 billion was spent by the end of 2021. Mr. Gates wrote that they expected the extra spending to stop once the worst of the pandemic ended but it has become clear in all areas there is more work needed.

Gates Foundation CEO Mark Suzman wrote in a Wednesday announcement that, with support of its board, the foundation’s focus areas—health, gender equality, agriculture, financial inclusion and education—wouldn’t be changing.

Ms. French Gates said the foundation has spent more than two decades building relationships with a range of partners and this additional spending will help with those partners’ work.

Mr. Gates wrote that his personal focus is on pandemic prevention, global health, education, food costs and climate efforts, the latter funded through a Gates-backed venture Breakthrough Energy. He cited Ms. French Gates’s efforts on gender equality.

 



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As Paris makes its final preparations for the Olympic games, its residents are busy with their own—packing their suitcases, confirming their reservations, and getting out of town.

Worried about the hordes of crowds and overall chaos the Olympics could bring, Parisians are fleeing the city in droves and inundating resort cities around the country. Hotels and holiday rentals in some of France’s most popular vacation destinations—from the French Riviera in the south to the beaches of Normandy in the north—say they are expecting massive crowds this year in advance of the Olympics. The games will run from July 26-Aug. 1.

“It’s already a major holiday season for us, and beyond that, we have the Olympics,” says Stéphane Personeni, general manager of the Lily of the Valley hotel in Saint Tropez. “People began booking early this year.”

Personeni’s hotel typically has no issues filling its rooms each summer—by May of each year, the luxury hotel typically finds itself completely booked out for the months of July and August. But this year, the 53-room hotel began filling up for summer reservations in February.

“We told our regular guests that everything—hotels, apartments, villas—are going to be hard to find this summer,” Personeni says. His neighbours around Saint Tropez say they’re similarly booked up.

As of March, the online marketplace Gens de Confiance (“Trusted People”), saw a 50% increase in reservations from Parisians seeking vacation rentals outside the capital during the Olympics.

Already, August is a popular vacation time for the French. With a minimum of five weeks of vacation mandated by law, many decide to take the entire month off, renting out villas in beachside destinations for longer periods.

But beyond the typical August travel, the Olympics are having a real impact, says Bertille Marchal, a spokesperson for Gens de Confiance.

“We’ve seen nearly three times more reservations for the dates of the Olympics than the following two weeks,” Marchal says. “The increase is definitely linked to the Olympic Games.”

Worried about the hordes of crowds and overall chaos the Olympics could bring, Parisians are fleeing the city in droves and inundating resort cities around the country.
Getty Images

According to the site, the most sought-out vacation destinations are Morbihan and Loire-Atlantique, a seaside region in the northwest; le Var, a coastal area within the southeast of France along the Côte d’Azur; and the island of Corsica in the Mediterranean.

Meanwhile, the Olympics haven’t necessarily been a boon to foreign tourism in the country. Many tourists who might have otherwise come to France are avoiding it this year in favour of other European capitals. In Paris, demand for stays at high-end hotels has collapsed, with bookings down 50% in July compared to last year, according to UMIH Prestige, which represents hotels charging at least €800 ($865) a night for rooms.

Earlier this year, high-end restaurants and concierges said the Olympics might even be an opportunity to score a hard-get-seat at the city’s fine dining.

In the Occitanie region in southwest France, the overall number of reservations this summer hasn’t changed much from last year, says Vincent Gare, president of the regional tourism committee there.

“But looking further at the numbers, we do see an increase in the clientele coming from the Paris region,” Gare told Le Figaro, noting that the increase in reservations has fallen directly on the dates of the Olympic games.

Michel Barré, a retiree living in Paris’s Le Marais neighbourhood, is one of those opting for the beach rather than the opening ceremony. In January, he booked a stay in Normandy for two weeks.

“Even though it’s a major European capital, Paris is still a small city—it’s a massive effort to host all of these events,” Barré says. “The Olympics are going to be a mess.”

More than anything, he just wants some calm after an event-filled summer in Paris, which just before the Olympics experienced the drama of a snap election called by Macron.

“It’s been a hectic summer here,” he says.

Hotels and holiday rentals in some of France’s most popular vacation destinations say they are expecting massive crowds this year in advance of the Olympics.
AFP via Getty Images

Parisians—Barré included—feel that the city, by over-catering to its tourists, is driving out many residents.

Parts of the Seine—usually one of the most popular summertime hangout spots —have been closed off for weeks as the city installs bleachers and Olympics signage. In certain neighbourhoods, residents will need to scan a QR code with police to access their own apartments. And from the Olympics to Sept. 8, Paris is nearly doubling the price of transit tickets from €2.15 to €4 per ride.

The city’s clear willingness to capitalise on its tourists has motivated some residents to do the same. In March, the number of active Airbnb listings in Paris reached an all-time high as hosts rushed to list their apartments. Listings grew 40% from the same time last year, according to the company.

With their regular clients taking off, Parisian restaurants and merchants are complaining that business is down.

“Are there any Parisians left in Paris?” Alaine Fontaine, president of the restaurant industry association, told the radio station Franceinfo on Sunday. “For the last three weeks, there haven’t been any here.”

Still, for all the talk of those leaving, there are plenty who have decided to stick around.

Jay Swanson, an American expat and YouTuber, can’t imagine leaving during the Olympics—he secured his tickets to see ping pong and volleyball last year. He’s also less concerned about the crowds and road closures than others, having just put together a series of videos explaining how to navigate Paris during the games.

“It’s been 100 years since the Games came to Paris; when else will we get a chance to host the world like this?” Swanson says. “So many Parisians are leaving and tourism is down, so not only will it be quiet but the only people left will be here for a party.”

MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

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Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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