Microsoft founder Bill Gates and New York Mayor Michael Bloomberg announced this morning a $500 million donation to fight tobacco smoking in developing countries around the world. The announcement, which took place at the Times Center in New York, said that the Bill and Melinda Gates Foundation is allocating $125 million over five years, while Bloomberg’s foundation plans to commit $250 million over four years on top of $125 million already pledged a while back.

The heavily backed campaign, dubbed Mpower, coordinates efforts by the Bloomberg Initiative to Reduce Tobacco Use, the health organization, the World Lung Foundation, the Johns Hopkins Bloomberg School of Public Health, the Centers for Disease Control and Prevention Foundation and the Campaign for Tobacco-Free Kids.

Mpower will focus on five countries where most of the world’s smokers live: China, India, Indonesia, Russia and Bangladesh.

The Bill & Melinda Gates Foundation (B&MGF) is the world's most endowed private foundation in the world, with nearly $40 billion. Its Global Health Program is headed by Tachi Yamada and features a grant volume of around $800 million annually, rivaling the budget of the United Nations' World Health Organization, which is made up of 192 participating countries.

Michael Rubens Bloomberg has donated hundreds of millions over the recent years. He is also rumored to have anonymously donated millions yearly to the Carnegie Corporation, which in turn distributed the money to hundreds of New York City organizations.