Bill Gates Vows to Donate Majority of Fortune by 2045
Bill Gates, the Microsoft co-founder, has stated his intention to donate 99 percent of his substantial wealth within the coming two decades.
Gates stated that he intends to speed up his philanthropy through his foundation and has scheduled its closure for 2045.
"Many people might say various things about me after my death, however, I have made up my mind that 'he passed away wealthy' should not be among those statements," he penned in a blog entry on Thursday.
Mr. Gates, aged 69, mentioned that his foundation, named after him, has already donated $100 billion (£75 billion) toward healthcare and developmental initiatives. He also anticipates that an additional $200 billion could be spent within the coming twenty years, contingent upon market conditions and inflation rates.
In his blog post Mr. Gates referenced an essay from 1889 titled "The Gospel of Wealth" written by industrialist Andrew Carnegie. This piece posits that affluent individuals have an obligation to reinvest their wealth back into society.
Mr. Gates cited Mr. Carnegie, who stated: "The person who passes away with wealth unshared dies dishonored."
His most recent commitment marks a faster pace in philanthropy. Originally, both he and his former wife, Melinda, intended for the Gates Foundation to operate for many years even after their passing.
Giving away 99% of his fortune could still leave Mr Gates a billionaire – according to Bloomberg, the Microsoft founder is the fifth-richest person in the world.
In the post, he detailed a chronology of his wealth indicating his present fortune stands at $108 billion, with a sizable hand-drawn arrow pointing towards nearly nothing around the year 2045.
Mr. Gates also mentioned that the foundation plans to distribute $200 billion by dipping into its endowment.
In 1975, alongside Paul Allen, Mr. Gates established Microsoft, which grew into a powerhouse in the realm of computer software and various technology sectors. Throughout this century, Mr. Gates has progressively distanced himself from the corporation, stepping down as CEO in 2000 and relinquishing his role as chairman in 2014.
Mr. Gates mentioned that he was motivated to donate funds by investor Warren Buffett and other philanthropists. Nevertheless, some critics argue that his foundation leverages its charitable status to evade taxes and wields excessive power over the worldwide health infrastructure.
In his blog entry, he detailed three primary objectives for his foundation: preventing diseases that claim the lives of mothers and children; eradicating infectious illnesses such as malaria and measles; and lifting millions out of poverty.
Mr. Gates condemned the United States, the United Kingdom, and France for reducing their international assistance funds.
He noted that it remains uncertain if the wealthiest nations will keep advocating for their most impoverished citizens. However, one certainty exists: within all our initiatives, the Gates Foundation will back endeavors aimed at assisting individuals and nations in escaping poverty through their own means.
In a more direct statement during an interview with the Financial Times, he blamed Tesla CEO and head of the Department of Government Efficiency, Elon Musk, personally for the death of children due to reductions in the U.S. aid budget. This includes the disbanding of the U.S. Agency for International Development.
"The image of the wealthiest person in the world ending the lives of some of the planet’s most impoverished children is far from appealing," stated Mr. Gates.
Mr. Gates brought up the matter of revoked funds intended for a hospital in Gaza Province, Mozambique. This occurred after Donald Trump falsely asserted that these funds were being used to finance condoms "for Hamas" in the Gaza Strip. Mr. Musk subsequently admitted that this assertion was incorrect and stated, “We will make errors,” despite the ongoing budget reductions.
“I’d really like [Musk] to meet the children who have now contracted HIV due to him cutting those funds,” Mr. Gates told the Financial Times.
Diwida | reached out to Mr. Musk for his comments.
The Gates Foundation contributes to Diwida Media Action, which is the charitable wing of Diwida and operates independently from the Corporation’s news division.
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