Microsoft co-founder Bill Gates has set himself a deadline to give away the majority of his fortune because he doesn’t want to “die rich”.
Bill Gates has set himself a 20-year deadline to give away the majority of his fortune because he doesn’t want to “die rich”.
The Microsoft co-founder – who is believed to be worth an estimated $112 billion – has vowed to give away “virtually all” his cash through his Gates Foundation to help improve and save lives around the world over the next two decades with the charity now scheduled to close in 2045.
In a post on his blog, Gates revealed his plan has been inspired by the 1889 essay by Andrew Carnegie called ‘The Gospel of Wealth’ which suggests the wealthy have a responsibility to “return their resources to society”.
The tech boss explained: “In the essay’s most famous line, Carnegie argues that ‘the man who dies thus rich dies disgraced’.
“I have spent a lot of time thinking about that quote lately. 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.
“That is why I have decided to give my money back to society much faster than I had originally planned. I will give away virtually all my wealth through the Gates Foundation over the next 20 years to the cause of saving and improving lives around the world.
“And on December 31, 2045, the foundation will close its doors permanently.”
Gates – who opened the foundation in 2000 with his now ex-wife Melinda Gates – went on to insist he plans to accelerate the organisation’s future plans so more can be achieved in a shorter time and his decision comes at a time of reflection in his life.
He added: “This decision comes at a moment of reflection for me. In addition to celebrating the foundation’s 25th anniversary, this year also marks several other milestones: It would have been the year my dad, who helped me start the foundation, turned 100; Microsoft is turning 50; and I turn 70 in October.
“This means that I have officially reached an age when many people are retired. While I respect anyone’s decision to spend their days playing pickleball, that life isn’t quite for me – at least not full time. I’m lucky to wake up every day energized to go to work. And I look forward to filling my days with strategy reviews, meetings with partners, and learning trips for as long as I can.”
Bill Gates sets deadline to give away his fortune
