Microsoft founder and one of the world’s richest men, Bill Gates, has announced plans to donate virtually all his wealth to the poor.
Speaking on Thursday, Gates revealed that his decision, expected to reduce his net worth by 99%, was driven by his desire to improve lives and create a better future for those in need.
A thoughtful decision
In a post on his website, Gates shared that he went into a reading overdrive while contemplating this move. He studied philanthropy and global issues extensively before committing to his plan.
According to the billionaire, his wealth will be distributed to the poorest communities over the next two decades, culminating in the closure of the Gates Foundation, which he founded in 2000.
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Criticism of aid cuts
During his speech, Gates criticized SpaceX CEO Elon Musk, who is currently a close ally of U.S. President Donald Trump, for supporting Trump’s decision to cut aid funding.
Gates expressed concern over the impact of these cuts, particularly on global health and poverty reduction efforts.
Bill Gates’s vision for the future
Gates elaborated on his decision, stating:
“The decision to do this is something I’ve been considering for a few years and discussing with the foundation board. It wasn’t triggered by the current emergency situation. I believe reminding people of why I’m taking this step—given that I’m often seen as a tough thinker, might help us recover faster than we otherwise would.
“Ultimately, this decision is a personal one, and over the next 20 years, I want to maximize what this incredible organization, with its strong partnerships, can achieve. I have no doubt that there will be wealthy individuals in the future—many are already wealthier than I am. Twenty-one years from now, they will have a better understanding of AI, geopolitics, and which diseases remain pressing concerns. By committing to this spend-down approach, I believe we can accomplish the majority of our goals within the next two decades.”
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Impact of U.S. aid cuts
The U.S. government’s decision to cut funding through USAID has had far-reaching consequences.
In Kenya alone, thousands have lost their jobs, and health experts warn of deep suffering as USAID-funded programs face financial strain.
Gates, who faced significant controversy during the COVID-19 pandemic, urged the world’s wealthy individuals to join him in his mission to end suffering, especially for mothers and children.
Bill Gates will be turning 70 later this year while his organization, Microsoft, is turning 50 this year.
