Charity, Bill Gates | featured news

Bill Gates didn't lose his title as the world's richest man last year; he gave it away by plowing billions into his charitable foundation, experts say.

More than three dozen of America's wealthiest individuals and families have joined Bill Gates and Warren Buffett in agreeing to give away at least half their fortunes to charity.

Simon Fuller, the entertainment magnate behind "American Idol" and its charity event airing Wednesday, is trumpeting a starry lineup that includes Elton John, Alicia Keys and Carrie Underwood. But he played it coy when asked about the "Idol Gives Back" role of two other prominent people. Bill and Melinda Gates, supporters of the fundraiser since it launched in 2007, "have done something very special, quite incredible, this year," Fuller said. Pressed for details, he would only advise that you must watch the broadcast.

Bill and Melinda Gates announced plans Friday to invest $10 billion in the fight against a number of illnesses including AIDS, the largest financial commitment their charitable foundation has made.

The Bill and Melinda Gates Foundation sold off almost all of its pharmaceutical, biotechnology and health-care investments in the quarter ended June 30.

Microsoft founder Bill Gates said on Wednesday that billionaires ought to give away most of their wealth to charitable causes, and they would even find they enjoyed it.