Bill Gates has announced plans to double his charitable giving, committing a total of $200 billion over the next two decades. In a blog post, the Microsoft co-founder said he was driven by pressing global issues like climate change and child health, as well as a belief that wealth should be used for the public good. He referenced Andrew Carnegie’s philosophy on philanthropy, stating he refuses to be remembered as someone who died rich when there are too many urgent problems that money could help solve. Currently ranked as the fifth wealthiest person in the world with a net worth of $168 billion, Gates said this commitment assumes the continued growth of the Bill & Melinda Gates Foundation’s endowment through its investments.
Founded in 2000 by Gates and his former wife Melinda French Gates, the foundation has already distributed over $100 billion to charitable causes. Gates indicated that after he donates “virtually all” of his fortune, the foundation will cease operations by the end of 2045. He also emphasized that while philanthropic donations are vital, they cannot replace government funding, particularly foreign aid, which has seen significant reductions by several major countries, including the United States, the United Kingdom, and France. These cuts, according to Gates, create a massive shortfall that even the world’s largest philanthropic foundations cannot cover.
In an interview, Gates openly criticized Elon Musk for his role in slashing U.S. foreign aid. In February, the Department of Governmental Efficiency, associated with Musk, led to the shutdown of the U.S. Agency for International Development, which had previously allocated $42.5 billion in global aid. Gates argued that this decision would have devastating effects, potentially resulting in over a million children with acute malnutrition going untreated and nearly 166,000 additional deaths from malaria.
Gates, along with Warren Buffett and French Gates, co-founded the Giving Pledge in 2010, urging billionaires to commit more than half of their wealth to charitable causes. Although Musk has signed the pledge, Gates questioned whether he will follow through, noting that the pledge allows individuals to fulfill it posthumously. Reports indicate Musk has given less than 1% of his wealth to date, with an estimated $620 million in actual disbursements.
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