Billionaire businessman and philanthropist Bill Gates explained why he will give away virtually all of his wealth by 2045 in an interview with CBS Mornings, writes UNN.
Details
Gates said on Thursday that he will give away virtually all of his wealth over the next 20 years through the Gates Foundation. He indicated that a total of $200 billion will go to goals that will help save and improve lives around the world.
"By deciding to spend all this money over the next 20 years, we can do so much more," Gates said in an interview recorded last week, days before he announced the initiative. He is confident that this money will save "tens of millions of lives."
Gates did not make this decision lightly, explaining in a letter published online on Thursday that he was inspired by a famous quote from Andrew Carnegie's 1889 essay "The Gospel of Wealth," which stated that "the man who dies thus rich dies disgraced."
Gates said his net worth, which is currently $108 billion, will fall by 99% over the next two decades.
The billionaire, who turns 70 in the fall, said the move marks the beginning of the "final chapter" in his career. But he certainly hopes he will live to see the impact it will have.
"Well, I wish I had more time. But I have to say, 'Okay, this is the last part of my life. And I am the steward of these resources,'" he told CBS Mornings. "I have to make sure they are spent wisely. And now this is the last stage of that."
When asked if he would miss his billions, Gates smiled.
"No, I won't. I hope I'm still alive when we finish 20 years, but I'll put a little aside so I can buy as many burgers as I need," he said.
Addition
Bill Gates previously reported that he had donated more than $100 billion through his charitable foundation. The Microsoft founder has previously said that he plans to give away most of his fortune, leaving his children "not such a huge" amount.