Billionaire philanthropist Bill Gates confirmed plans to donate 99% of his wealth, stating that he has no desire to be a rich dead man. Microsoft co-founder said this in a recent public speech, where he spoke about how he has always dedicated his life to solving some of the biggest issues on Earth.
Bill Gates, whose net worth is currently over $120 billion, said most of his fortune will go to the Bill & Melinda Gates Foundation, a charity he and his ex-wife started in 2000. The foundation works to enhance global health, education, and reduce poverty.
“I have more money than I could ever spend,” Gates said. “It makes sense to give it back so other people can live better lives.”
This is not the first time that Gates has made public declarations about giving away his wealth. In 2010, Gates and fellow billionaire Warren Buffett launched the Giving Pledge, a campaign inviting the world’s billionaires to donate the bulk of their wealth in their lifetimes.
Over 200 billionaires around the world have signed the pledge to date, including Elon Musk, Mark Zuckerberg, and MacKenzie Scott.
Gates emphasized that philanthropy is a personal obligation, especially by those who are richer than they should be. He said it is more than detrimental to leave massive inheritances to children; it encourages complacency and arrogance.
He went on to state that money used well can help save lives, teach children, and lift people out of poverty. “That kind of difference is worth more than accumulating riches,” he also said.
Flashback: Gates made headlines in 2022 when he announced he would donate $20 billion to the Gates Foundation to help it further expand its work following the COVID-19 pandemic. That donation was one of the largest single philanthropic contributions ever.
The foundation has funded vaccine development, disease eradication, food programs, and clean water access in over 130 nations. It has also funded educational reforms in the United States and Africa.
Even though he and his wife Melinda divorced in 2021, Bill and Melinda Gates continue to work together at the foundation. Both of their work is still all about repairing the world’s toughest problems.
Gates clarified that he will continue to work with global partners to ensure that his resources reach people who need more. “I want to be remembered for what I gave, not what I owned,” he said.
His decision has prompted fresh debates on wealth inequality, inheritance, and the power of philanthropy in a world that is still struggling with poverty and disparity.
