Bill Gates Pledges to Give Away 99% of His Fortune by 2045

Microsoft founder Bill Gates has pledged to give away 99% of his wealth by 2045, accelerating his philanthropic efforts through the Gates Foundation. The billionaire, who is currently the fifth-richest person globally with a net worth of $108 billion, plans to focus on critical health and development issues. Gates has already donated $100 billion and aims to give away an additional $200 billion in the next 20 years. His foundation will focus on combating preventable diseases, eliminating poverty, and tackling infectious diseases such as malaria and measles.

Why in News?

This significant move by Gates underscores his renewed focus on philanthropy and the urgent need to address global challenges such as health and poverty. The decision also reflects his commitment to accelerating charitable work before his death, challenging the notion of dying wealthy. It has sparked discussions on the role of billionaires in addressing global inequalities and the impact of their philanthropy.

Key Pledge Details

• Amount to Give Away: 99% of his fortune (~$108 billion)
• Timeframe: By 2045
• Additional Giving Commitment: $200 billion over 20 years
• Foundation’s Focus: Health, development, poverty, and infectious disease eradication
• Method: Giving accelerated through the Bill & Melinda Gates Foundation
• Timeline for Foundation’s Operations: Foundation will cease operations by 2045

Gates Foundation’s Focus Areas

• Health: Elimination of preventable diseases that affect mothers and children globally.
• Infectious Diseases: Targeting diseases like malaria and measles.
• Poverty Eradication: Focused efforts to lift hundreds of millions out of poverty.

Philanthropic Inspiration

• Gates draws inspiration from Andrew Carnegie, the 19th-century industrialist who advocated for wealthy individuals to give back to society.
• Gates agrees with Carnegie’s view that “The man who dies thus rich dies disgraced,” reinforcing the importance of using wealth to benefit society.

Significance of the Decision

• Urgency: Gates emphasized the need for immediate action to address pressing global challenges rather than extending charitable work over generations.
• Influence on Wealthy Individuals: Gates believes that future generations of billionaires can tackle challenges in the coming decades.
• Criticism and Challenges: Some critics argue that the Gates Foundation exerts too much influence on global health systems, with a few questioning its tax exemptions and priorities.
• Public Remarks on Foreign Aid Cuts: Gates expressed disappointment in the cuts to foreign aid budgets by major donor nations, calling these decisions harmful to the world’s poorest.