Gates’ Foundation is world’s richest too

With a new $5-billion donation this week, the Bill and Melinda Gates

Foundation has become the world’s largest charitable organization. The Gates

Foundation’s $21.8 billion in assets surpasses London's Wellcome Trust, which

was No. 1 with $21.4 billion in assets. Last August, the Gates’ Foundations

surpassed the $13.1-billion Ford Foundation, which until then was the largest US

charity.

The Seattle-based foundation focuses on improving lives through health and

learning. The fund committed some $2 billion to charities in 1999. By law, it

must give away at least 5 per cent of its assets each year ­ currently worth $1

billion -- to maintain its status as a tax-exempt charitable organization.

Last year the foundation committed $750 million over five years to the Global

Fund for Children's Vaccines and $50 million to the Alliance for Cervical Cancer

Prevention in developing countries. Last month, it donated $50 million and Ted

Turner's United Nations Foundation donated $28 million to fight polio.

Educational donations include $1 billion for minority college scholarships in

the US and a commitment to provide computers and Internet access to every public

library in the country.

"Particular attention will go towards accelerating the development and

distribution of life-saving vaccines," said Patty Stonesifer, who co-chairs

the foundation with Gates's father, William Gates, Sr. The $21.8 billion in

assets is equal to about a quarter of Gates' net worth, estimated at $85

billion. Gates has previously stated that he intends to give some 95 per cent of

his wealth to charity.