Melinda French Gates announced that she will no longer be pledging the majority of her wealth to the Bill and Melinda Gates Foundation, and will instead distribute her fortune across other philanthropic endeavors, according to the Wall Street Journal.
The Gates Foundation was created in 2000 and has since become one of the world's largest charitable organizations.
“I recognize the absurdity of so much wealth being concentrated in the hands of one person, and I believe the only responsible thing to do with a fortune this size is to give it away – as thoughtfully and impactfully as possible,” French Gates wrote in a letter.
“The ultimate goal of any philanthropist should be to render the need for philanthropy obsolete,” the billionaire wrote. “It’s important to acknowledge that giving away money your family will never need is not an especially noble act. There’s no question in my mind that the real standard for generosity is set by the people who give even when it means going without.
“That’s why, as part of this pledge, I commit to doing more than writing checks. I also commit my time, energy, and efforts to the work of fighting poverty and advancing equality – for women and girls and other marginalized groups – in the United States and around the world.”
In 2010, French Gates and her then husband Bill Gates started The Giving Pledge, along with fellow billionaire Warren Buffett, with the goal to encourage the world's richest people to dedicate the majority of their wealth to charitable causes and organizations.
The former couple said at the time that they have “committed the vast majority of our assets” to the Gates Foundation to help address preventable death from various diseases around the world and to “tear down other barriers to health and education”.
They announced their divorce in 2021, and since then have each written letters detailing their individual philanthropic commitments.
French Gates founded Pivotal Ventures in 2015, an investment and incubation company with the goal of advancing social and professional progress for women and families in the United States.
“I think philanthropy is most effective when it prioritizes flexibility over ideology – and why in my work at the foundation and Pivotal Ventures I’ll continue to seek out new partners, ideas, and perspectives,” French Gates wrote in the letter.
Gates published a separate letter to emphasize his commitments to the Gates Foundation.
“The foundation is my top philanthropic priority, even as my giving in other areas has grown over the years," Gates said.
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