Microsoft co-founder Bill Gates has announced his intention to donate 99% of his vast wealth over the next two decades, stating his determination that he will not be remembered as someone who “died rich.”
In a blog post published on Thursday, the 69-year-old philanthropist said he would accelerate his charitable giving through the Bill & Melinda Gates Foundation, with plans to cease its operations by 2045.
Mr. Gates wrote, “People will say a lot of things about me when I die, but I am determined that ‘he died rich’ will not be one of them.”
He revealed that his foundation has already contributed $100 billion (£75 billion) to various health and development projects globally. He anticipates that an additional $200 billion will be spent over the next 20 years, subject to market fluctuations and inflation.
In his blog post, Mr. Gates referenced an 1889 essay by industrialist Andrew Carnegie, “The Gospel of Wealth,” which advocates for the wealthy to redistribute their fortunes to society. Mr. Gates quoted Mr. Carnegie’s assertion that “the man who dies thus rich dies disgraced.”
This latest pledge marks an acceleration of his philanthropic efforts. Initially, he and his former wife Melinda had envisioned the Gates Foundation continuing its work for several decades beyond their lifetimes.
Despite this significant commitment, giving away 99% of his fortune could still leave Mr. Gates a billionaire. According to Bloomberg’s estimates, he is currently the fifth-richest person in the world.
Accompanying his blog post was a timeline illustrating his wealth trajectory, showing his current net worth at $108 billion with a projected decline to near zero by 2045. He also indicated that the foundation would draw down its endowment to facilitate the $200 billion in planned donations.
Along with Paul Allen, Mr. Gates established Microsoft in 1975, which became a dominant force in the technology sector. He gradually transitioned away from the company’s leadership, stepping down as chief executive in 2000 and as chairman in 2014.
Mr. Gates cited the influence of investor Warren Buffett and other philanthropists as inspiration for his giving. However, the Gates Foundation has faced criticism, with some arguing that its charitable status is used for tax avoidance and that it exerts undue influence on the global health system.
In his blog post, Mr. Gates outlined three primary objectives for his foundation: eradicating preventable diseases that cause maternal and child mortality; eliminating infectious diseases such as malaria and measles; and lifting hundreds of millions out of poverty.
He also criticised the United States, the United Kingdom, and France for recent cuts to their foreign aid budgets. “It’s unclear whether the world’s richest countries will continue to stand up for its poorest people,” he wrote. “But the one thing we can guarantee is that, in all of our work, the Gates Foundation will support efforts to help people and countries pull themselves out of poverty.”
In a more pointed interview with the Financial Times, Mr. Gates accused Tesla CEO and current Department of Government Efficiency boss Elon Musk of being directly responsible for child deaths due to cuts in US aid, including the dismantling of the US Agency for International Development. “The picture of the world’s richest man killing the world’s poorest children is not a pretty one,” Mr. Gates stated.
He specifically raised concerns about cancelled grants to a hospital in Gaza Province, Mozambique, which Donald Trump had falsely claimed was funding condoms “for Hamas” in the Gaza Strip. While Mr. Musk later acknowledged the error, the cost-cutting measures reportedly continued. “I’d love for [Musk] to go in and meet the children that have now been infected with HIV because he cut that money,” Mr. Gates told the FT. The BBC has contacted Mr. Musk for comment.
The Bill & Melinda Gates Foundation is a donor to BBC Media Action, the BBC’s charitable arm, which operates independently from the Corporation’s news division.
Add Comment