Topics: Bill Gates, Charity, Elon Musk, Climate Change, US News, Microsoft, Money
Bill Gates has decided to give away 'virtually all' of his hefty fortune and spend $200 billion in the next 20 years - and he's explained why he's made the drastic move.
The Microsoft co-founder sits comfortably as the world's 13th richest person with around a net worth of $113 billion, according to Forbes
Yet the philanthropist has been adamant his fortune will do good for the world, having already given away $100 billion to good causes.
Now, he's stated he's planning to get rid of the lot, or almost all of it anyway, by pledging on Thursday (May 8) that he would double his charitable giving to $200 billion in the next two decades and see his net worth tumble by 99 percent.
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In his announcement, Gates stated he'll dole out most of his wealth via the foundation he and his ex-wife Melinda started 25 years ago - the Gates Foundation, which he said 'will close its doors permanently' at the end of 2045.
In a blog post, Gates said he felt motivated to tackle some of the world's ills, notably children's health and climate change.
To this end, he even lashed out at Elon Musk, accusing the fellow billionaire of 'killing the world's poorest children' after he slashed foreign aid as head of the Department of Government Efficiency (DOGE) under the Trump administration.
Anyway, Gates has also spent a lot of time with his head immersed in books, including a 1889 essay by Andrew Carnegie The Gospel of Wealth.
Inspired by this, Gates says he has been 'determined' that he will not be known as the man who 'died rich.'
"There are too many urgent problems to solve for me to hold onto resources that could be used to help people," he said in the post.
He's also planning quite the poetic ending for the Gates Foundation, announcing its closure this year on its 25th anniversary as well as it being the year he turns 70, his dad would have turned 100 and Microsoft 50.
Gates said the funds will go to 'the cause of saving and improving lives around the world.'
He is particularly passionate about 'putting the world on a path to ending preventable deaths of moms and babies and lifting millions of people out of poverty' alongside helping fight 'deadly infectious diseases.'
He wrote: "During the first 25 years of the Gates Foundation—powered in part by the generosity of Warren Buffett—we gave away more than $100 billion. Over the next two decades, we will double our giving."
"The exact amount will depend on the markets and inflation, but I expect the foundation will spend more than $200 billion between now and 2045. This figure includes the balance of the endowment and my future contributions."
According to the Gates Foundation, the charity received endowments to the tune of $77.2 billion last year while Buffett gave a whopping $43.3 billion between 2006 to 2024.
Gates added: "Progress depends on so many people around the globe: Brilliant scientists who discover new breakthroughs. Private companies that step up to develop life-saving tools and medicines."
"Other philanthropists whose generosity fuels progress. Healthcare workers who make sure innovations get to the people who need them. Governments, nonprofits, and multilateral organizations that build new systems to bring solutions to scale.
"Each part plays an essential role in driving the world forward, and it is an honor to support their efforts."
Gates admitted it's a 'change' from their 'original' ideas for the foundation as the former couple included a clause in its inception which stated intentions for the organization to continue long after their deaths.
However, Gates had a 'rethink' and realized the foundation's goals may actually be able to be achieved 'on a shorter timeline'.
He explained: "The Gates Foundation’s mission remains rooted in the idea that where you are born should not determine your opportunities.
"I am excited to see how our next chapter continues to move the world closer to a future where everyone everywhere has the chance to live a healthy and productive life."
According to Forbes, Gates would be even wealthier than the world's richest man, Musk, if he'd kept his Microsoft stock.
The news outlet states after both Bill and Melinda's generosity, they still stand as the 13th and 56th richest people around the world, worth around $113 billion and $30.4 billion respectively.
But if they never sold a single share, they'd be worth a staggering $1.5 trillion combined, with Bill likely to have become the world's first trillionaire.
