Bill Gates Explains Why He’s Giving Away Virtually All of His Wealth

Bill Gates, the billionaire founder of Microsoft and one of the world’s most prominent philanthropists, has announced a historic decision: he will give away virtually all of his wealth over the next 20 years through the Gates Foundation. The total amount, estimated at $200 billion, will be dedicated to causes aimed at saving and improving millions of lives around the globe.

“By spending all this money in the next 20 years, we can get a lot more done”

In an exclusive interview with “CBS Mornings,” Bill Gates shared that by choosing to distribute his entire fortune over the next two decades, he and his foundation can make a far greater impact in tackling humanity’s most urgent issues. He is confident that this initiative will save “tens of millions of lives.”

Gates said he was deeply inspired by the famous quote from Andrew Carnegie’s 1889 essay, “The Gospel of Wealth”: “The man who dies thus rich dies disgraced.” He emphasized, “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. There are too many urgent problems to solve for me to hold onto resources that could be used to help people.”

A Change of Plans, A Historic Decision

Originally, the Gates Foundation was planned to continue operating for decades after the deaths of Bill Gates and his ex-wife, Melinda French Gates. However, with this new decision, the foundation will now close in 2045, after completing its mission of distributing the entire endowment.

Over its 25 years of operation, the Gates Foundation has already spent more than $100 billion to reduce global child mortality rates by investing in medical innovations and vaccine development. Gates affirmed that he has witnessed firsthand the tremendous impact of distributing vaccines for diseases like diarrhea and pneumonia, which motivates him to “double down” in this final stage.

Gates has set three major goals:

Preventing the deaths of mothers and children from avoidable causes

Eradicating deadly infectious diseases

Putting more countries on the path to prosperity, with a focus on improving education

Concerns Over Cuts to International Aid

However, Gates also expressed concern as the U.S. and many European countries are cutting back on foreign aid and humanitarian budgets. According to a UNICEF report, about 4.8 million children died before the age of five in 2023. Without substantial government support, Gates warns, this number could rise to over 6 million.

He emphasized that while the Gates Foundation is large, it cannot replace the scale of U.S. foreign aid, which totaled nearly $72 billion in 2024 alone. Gates praised global health initiatives such as President George W. Bush’s Emergency Plan for AIDS Relief and called for their continuation.

“The Last Chapter” of a Long Career

Turning 70 this fall, Bill Gates described this move as the beginning of the “final chapter” of his career. “I wish I had even more time. But I have to say, ‘OK, this is the last part of my life. And I’m a steward of these resources.’ I should make sure that it’s well spent. And now this is the last stage of all that,” he told “CBS Mornings.”

When asked if he would miss his billionaire fortune, Gates laughed and replied, “No, I won’t. I hope I’m still alive when we finish the 20 years, but I will save a little bit to be able to buy hamburgers as much as I need.”