In a bold move, Microsoft co-founder Bill Gates announced plans to donate 99% of his $108 billion fortune within the next two decades, aiming to conclude his foundation's operations by 2045.
Bill Gates Commits to Giving Away 99% of His Wealth by 2045
Bill Gates Commits to Giving Away 99% of His Wealth by 2045
Tech mogul outlines ambitious charitable vision and responds to critics over influence and funding
In a blog post revealed Thursday, Gates emphasized his desire to ensure that "he died rich" will not be a label attached to his legacy. He aims to accelerate charitable contributions primarily through the Bill & Melinda Gates Foundation, which has already invested $100 billion in global health and development initiatives, with an additional $200 billion expected to be allotted, contingent on inflation and market conditions. He drew inspiration from Andrew Carnegie's 1889 essay, arguing that wealthy individuals have a moral obligation to give back to society.
This announcement marks a shift in Gates’s initial strategy; he and his ex-wife Melinda had originally envisioned their foundation operating well beyond their lifetimes. Even after giving away 99% of his fortune, Gates is likely to remain a billionaire, currently ranking as the fifth richest globally.
In outlining his charitable goals, Gates targets the eradication of preventable diseases affecting mothers and children, the elimination of key infectious diseases such as malaria and measles, and poverty alleviation for millions. He criticized major nations for slashing foreign aid budgets while holding others accountable, including Elon Musk, claiming such actions endanger children by cutting vital support resources.
As he prepares for a profound shift in his legacy, Gates assured the public that the Gates Foundation will remain dedicated to aiding impoverished communities worldwide, despite challenges posed by global funding cuts. The philanthropic landscape looks to change dramatically as Gates sets an unprecedented example for the ultra-wealthy.
This announcement marks a shift in Gates’s initial strategy; he and his ex-wife Melinda had originally envisioned their foundation operating well beyond their lifetimes. Even after giving away 99% of his fortune, Gates is likely to remain a billionaire, currently ranking as the fifth richest globally.
In outlining his charitable goals, Gates targets the eradication of preventable diseases affecting mothers and children, the elimination of key infectious diseases such as malaria and measles, and poverty alleviation for millions. He criticized major nations for slashing foreign aid budgets while holding others accountable, including Elon Musk, claiming such actions endanger children by cutting vital support resources.
As he prepares for a profound shift in his legacy, Gates assured the public that the Gates Foundation will remain dedicated to aiding impoverished communities worldwide, despite challenges posed by global funding cuts. The philanthropic landscape looks to change dramatically as Gates sets an unprecedented example for the ultra-wealthy.
