Gates Builds Nation's Wealthiest Foundation

WASHINGTON — Microsoft founder Bill Gates, the world's richest man, has created the country's wealthiest foundation, according to the Chronicle of Philanthropy.

Gates and his wife, Melinda, have consolidated their two charitable foundations and donated an additional $6 billion to the newly named Bill and Melinda Gates Foundation, bringing its total worth to $17.1 billion, according to a report published on the Chronicle's Web site Sunday and confirmed by a co-chair of the Gates Foundation.

The couple decided to merge the William H. Gates Foundation, named after Gates' father, and the Gates Learning Foundation so they could broaden their focus on learning and global health, said co-Chairwoman Patty Stonesifer.

The move catapults the Seattle-based foundation to the top of the Chronicle's list of wealthiest charitable foundations. The report names the David and Lucile Packard Foundation as second, with assets of $13 billion.