Bill Gates, the co-founder of Microsoft and one of the world’s leading philanthropists, wants to change that in a big way. He’s pledged to give away 99% of his wealth within the next 20 years and intends to leave the Bill and Melinda Gates Foundation by 12/31/2045. This decision, deeply influenced by his late mother Mary Gates, reflects a commitment to philanthropy rooted in the belief that “to whom much is given, much is expected.” At 69 years old, Gates, indeed, is looking to retire from the top of the world’s wealthiest. He’d like to focus on addressing big-picture, global challenges first.
Gates has publicly expressed his concerns with the direction of global aid today. Particularly galling, he says, are the drastic reductions in funding from federal, provincial and municipal governments. He pointed out that world governments, and especially the United States, have cut their international assistance budgets. In the process, they’ve starved the agency by tens of billions of dollars. This trend brings into serious question whether philanthropic institutions such as the Gates Foundation can adequately compensate for this loss. Gates stated, “No philanthropic organization — even one the size of the Gates Foundation — can make up the gulf in funding that’s emerging right now.”
Even with these challenges, Gates continues to find reason for optimism going forward. He’s hopeful that changes in technology and health care will make a positive impact in the next two decades. In his view, “I think it’s objective to say to you that things will be better in the next 20 years.” That confidence undergirds his passion for seeing philanthropy used to realize big goals. He pushes for tackling the most urgent of issues, such as eliminating preventable maternal and child deaths, as well as polio, malaria, measles and Guinea-worm disease.
To fund these efforts, Gates intends to raise the foundation’s annual spending from $6 billion to $9 billion. That increase in funding will make a bigger difference — especially within the education and agriculture sectors. It will be a boon to our African friends. Gates aims to help “hundreds of millions of people break free from poverty” through targeted investments.
To realize these bold goals, Gates recognizes the need to work with governments of all levels. He’s calling on world leaders to put the most vulnerable people first in the aid that they provide. He remarked, “It’s unclear whether the world’s richest countries will continue to stand up for its poorest people.” This ambiguity highlights his belief that as important as philanthropy is, it must not—and can’t—ever be a substitute for government money.
In discussing his motivations for giving away his wealth, Gates reflected on a quote from Andrew Carnegie: “the man who dies thus rich dies disgraced.” He fueled his strong desire that when he died, people would recall him in a new light. “People will say a lot of things about me when I die,” he stated, “but I am determined that ‘he died rich’ will not be one of them.”
Gates expressed a clear philosophy regarding his wealth: “What am I going to do? Just go buy a bunch of boats or something? Go gamble? This money should go back to society in the way that it has the best chance of causing something positive to happen.” That outlook inspires his philanthropic focus as well. It further deepens his pledge, made in tandem with the Giving Pledge, to give away almost all of his personal fortune over the next two decades.
Since its inception in 2000, the Gates Foundation has poured over $100 billion into global initiatives. As the deadline for its planned closure nears, Gates has turned his attention toward ensuring that his and his foundation’s legacies are marked by effective charitable action. He believes he can inspire people to rethink how they give back to the world around them and help them start doing it.
Leave a Reply