Bill Gates plans to give away most of his fortune by 2045

Bill Gates, the co-founder of Microsoft, has announced a significant plan to donate the majority of his wealth. He intends to give away 99% of his fortune by the year 2045. In a recent blog post, Gates expressed his determination to be remembered for his charitable contributions rather than just his wealth, stating, '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. ' At 69 years old, Gates has already contributed around $100 billion to various health and development initiatives through his foundation. He anticipates spending an additional $200 billion over the next two decades, depending on economic conditions. Gates referenced a famous essay by Andrew Carnegie, titled The Gospel of Wealth, which argues that wealthy individuals have a responsibility to give back to society. Carnegie famously stated, 'The man who dies thus rich dies disgraced. ' Gates is committed to ensuring that he does not leave behind a legacy solely defined by his wealth. Initially, Gates and his ex-wife Melinda had planned for their foundation to continue its work for many years after their deaths. However, Gates has now decided to accelerate their charitable efforts, believing that there will be other wealthy individuals in the future who can address upcoming challenges. He remarked, 'It's really about the urgency. ' By giving away his fortune sooner, he believes they can make a more significant impact. Even after donating 99% of his wealth, Gates will still remain a billionaire, with a current net worth of approximately $108 billion, making him one of the richest people globally. In his blog post, he illustrated a timeline showing his wealth decreasing to nearly zero by 2045. Gates also mentioned that his foundation would utilize its endowment to facilitate the $200 billion in donations. Gates co-founded Microsoft in 1975 with Paul Allen, and the company quickly became a leader in the software and technology sectors. Over the years, Gates has gradually distanced himself from the company, stepping down as CEO in 2000 and as chairman in 2014. He has been motivated to give away his wealth by other philanthropists, including Warren Buffett. However, some critics argue that Gates uses his foundation's charitable status to avoid taxes and that it wields excessive influence over global health policies. In his blog post, Gates outlined three primary goals for his foundation: to eliminate preventable diseases that affect mothers and children, to eradicate infectious diseases such as malaria and measles, and to alleviate poverty for millions of people. Gates expressed concern over recent cuts to foreign aid budgets by the US, UK, and France, stating, 'It's unclear whether the world's richest countries will continue to stand up for its poorest people. ' He assured that the Gates Foundation would continue to support efforts aimed at helping individuals and nations escape poverty. In an interview, Gates addressed comments he made regarding tech billionaire Elon Musk, accusing him of causing harm to children through cuts to US aid. Gates stated, 'These cuts will kill not just children, but millions of children. ' He also discussed the cancellation of grants to a hospital in Mozambique, which Musk had incorrectly claimed was funding condoms for Hamas. Gates clarified that the funds were intended to prevent mothers from transmitting HIV to their babies, emphasizing the seriousness of the situation. He expressed disappointment over Musk's abrupt cuts and the mischaracterization of the funding, stating, 'I mean, this is serious stuff.