Bill Gates has announced plans to donate virtually all his wealth through the Gates Foundation over the next 20 years, citing Andrew Carnegie's famous assertion that "the man who dies thus rich dies disgraced."
"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," Gates wrote in a letter posted Thursday outlining his accelerated philanthropy timeline. "There are too many urgent problems to solve for me to hold onto resources that could be used to help people."
The billionaire philanthropist, who turns 70 this fall, revealed in an interview with CBS Mornings that his net worth, currently $108 billion, will drop by 99% over the next two decades. The Gates Foundation, celebrating its 25th anniversary this year, will close permanently on December 31, 2045. Originally, the foundation was planned to shuter decades after his and ex-wife Melinda French Gates ' deaths.
Bill Gates call this his “last chapter” of career
This accelerated timeline marks what Gates called "the last chapter" in his remarkable career. As he approaches his 70th birthday this fall, Gates reflected on several milestones: the 25th anniversary of the Gates Foundation, the 50th anniversary of Microsoft , and what would have been his father's 100th birthday.
"Well, 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,'" Gates told CBS. "I should make sure that it's well spent. And now this is the last stage of all that."
Gates' foundation has already distributed more than $100 billion since its founding, primarily targeting global health initiatives . The organization plans to double that amount in the next 20 years, investing approximately $200 billion toward three main goals: preventing maternal and child deaths, eradicating infectious diseases like polio and malaria, and helping lift countries out of poverty.
"By deciding to spend all this money in the next 20 years, we can get a lot more done," Gates told CBS. He expressed confidence that the accelerated timeline would save "tens of millions of lives."
When asked if he would miss his fortune, Gates chuckled: "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."
"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," Gates wrote in a letter posted Thursday outlining his accelerated philanthropy timeline. "There are too many urgent problems to solve for me to hold onto resources that could be used to help people."
The billionaire philanthropist, who turns 70 this fall, revealed in an interview with CBS Mornings that his net worth, currently $108 billion, will drop by 99% over the next two decades. The Gates Foundation, celebrating its 25th anniversary this year, will close permanently on December 31, 2045. Originally, the foundation was planned to shuter decades after his and ex-wife Melinda French Gates ' deaths.
Bill Gates call this his “last chapter” of career
This accelerated timeline marks what Gates called "the last chapter" in his remarkable career. As he approaches his 70th birthday this fall, Gates reflected on several milestones: the 25th anniversary of the Gates Foundation, the 50th anniversary of Microsoft , and what would have been his father's 100th birthday.
"Well, 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,'" Gates told CBS. "I should make sure that it's well spent. And now this is the last stage of all that."
Gates' foundation has already distributed more than $100 billion since its founding, primarily targeting global health initiatives . The organization plans to double that amount in the next 20 years, investing approximately $200 billion toward three main goals: preventing maternal and child deaths, eradicating infectious diseases like polio and malaria, and helping lift countries out of poverty.
"By deciding to spend all this money in the next 20 years, we can get a lot more done," Gates told CBS. He expressed confidence that the accelerated timeline would save "tens of millions of lives."
When asked if he would miss his fortune, Gates chuckled: "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."
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