Assets worth $9 b knocked off Gates foundation

Software czar and billionaire Bill Gates, too, is not immune to the economic downturn as the charitable organisation Bill & Melinda Gates Foundation launched by him, has seen its assets dwindle by over $9 billion in just one year.

The assets of the foundation, co-chaired by three individuals, including Bill Gates and his wife Melinda Gates, fell to $ 29.89 billion for year ended December 31, 2008.

According to the foundation’s annual report, it had assets of $ 38.9 billion. In just one year, the assets of the foundation have eroded by over $ 9 billion, mainly on account of the economic slowdown.

“Endowment assets available for charitable activities totaled $ 29.5 billion. This includes a 20 per cent reduction in the endowment portfolio value during 2008 as a result of the general economic decline,” the report said. The contributions to the entity stood at about $ 2 billion for 2008. Of the total, nearly $1.8 billion came from legendary investor Warren Buffett in the form of shares.