In a landmark move, tech billionaire Bill Gates has pledged to donate 99% of his remaining tech fortune to the Gates Foundation.
What Happened: The commitment, valued at a whopping $107 billion, is one of the most significant philanthropic contributions ever made, outdoing the inflation-adjusted donations of industrialists John D. Rockefeller and Andrew Carnegie. Only Warren Buffett‘s promise to donate his wealth, currently valued at $160 billion by Forbes, could potentially surpass it, reported AP News on Thursday.
The Gates Foundation will receive the donation over time, enabling it to spend an extra $200 billion over the next two decades. The foundation is now expected to close in 2045, sooner than previously anticipated.
The Microsoft MSFT co-founder shared his enthusiasm about the donation’s potential impact while talking to AP News: “It’s kind of thrilling to have that much to be able to put into these causes,” he stated.
The billionaire expressed hope that others would surpass him in wealth and philanthropy, noting he excludes his foundation’s funds from his net worth and has just over $100 billion personally. “Somebody should try and pay more taxes than I did, and save more lives than I did, and give more money than I did, and be smarter than I’ve been,” stated Gates.
Why It Matters: This announcement follows Gates’ previous statements about wealth distribution. In March, Gates revealed during a podcast interview that his children would inherit less than 1% of his wealth. He believed that it wouldn’t be a favor to them.
In the same month, Gates expressed concerns at the Trump administration’s USAID cuts. He urged the administration to continue funding international health programs, warning that his Gates foundation alone could not cover the potential funding gap.
Furthermore, Gates has previously expressed a down-to-earth perspective on wealth. In 2024, he stated that being a billionaire is overrated. He noted that being rich provides freedom, but beyond that, “it’s the same hamburger.”
These statements, combined with his latest pledge, highlight Gates’ commitment to using his wealth for the greater good, rather than personal or familial gain.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
