Bill Gates is saying farewell to his fortune
Photos by Greg Rubenstein on Flickr
Bill Gates has been one of the wealthiest people in the world since 1987, when Forbes listed him as a billionaire, where he remained at the top until 2017. As co-founder of Microsoft, Gates’ fortune has continually grown and now he is ready to give it away.
Gates has gradually fallen from the number one spot and now sits at number 8 with a net worth of $123, according to Forbes.
“I have more than enough money for my own consumption”
All Gates requires is the money to spend on himself and his family, he continues to work and invest which will keep his finances more than healthy despite his eagerness to give away.
The Bill and Melinda Gates Foundation
Created in 1994 by William H. Gates to support scientific research, global health, and local philanthropic efforts. The Gates Library Foundation in 1997 which was set up by Bill and Melinda Gates in an effort to help all U.S. public libraries offer free internet access.
From then Bill and Melinda set out to offer support in more areas of need. In 2000 the William H. Gates Foundation merges with the Gates Learning Foundation to form the Bill & Melinda Gates Foundation. Mark Suzman is the current CEO of the foundation working with Bill and Melinda Gates to make a difference.
This non-profit organisation is now one of the largest global health funders in the world providing aid in the Middle East, North America, India, China and more. The foundation works on solutions for various issues including, eradication of diseases, ensuring access to clean water, healthcare, education by building partnerships and gathering resources and knowledge to create steps towards change.
In 2022 Bill Gates gave $20 billion to the foundation meaning the 2024 budget is able to be $8.6billion.
In an interview with CNN, Bill Gates proclaims that he expects to have given away most of his wealth in the next 20 years. He is currently giving at a rate of $9 billion a year for the Bill and Melinda Gate foundation to thrive and make change.
The Giving Pledge
Set up in 2010 by Bill Gates, Melinda French Gates and Warren Buffett as a commitment to give the majority of their wealth to society’s most pressing issues. There were 40 of America’s wealthiest people who committed to this pledge in 2010 and it quickly spread to more worldwide wealthy philanthropists.
The Giving Pledge is an invitation to the wealthiest people in the world to commit to give away their fortune to philanthropy during their lifetime or in their wills.
There are now 242 pledgers including, Michael R. Bloomberg, George Lucas, Mark Zuckerberg and more. The Giving Pledge creates a way for the top 1% to give back to society and to offer financial help for problems around the world.
If the top 1% gave 10%
A call from Longview Philanthropy for the top 1% of earners to give away 10% of their income to pressing causes and charities as this could make real change for thousands of people. This wouldn’t bankrupt them and they would remain in the top 1% of earners, this call would create real positive change.
Longview Philanthropy has conducted research and estimated the results if this were to happen.
Within 1 year of this generous act they could make $3.5 trillion above what is already given to charity.
They conducted research and have reported the achievements that could be made within just one year of this ambitious philanthropy.
With the top 1% giving 10% of their income or 2.5% of their net worth:
| The achievement | The cost |
| Ensure no one in the world lives in extreme poverty for that year, and lift millions out of poverty for good | $258 billion |
| Prevent the next pandemic | $297 billion |
| Double global spending on clean energy R&D until 2050 | $662 billion |
| Quadruple philanthropic funding for nuclear weapons risk reduction in perpetuity | $6 billion |
| Increase tenfold the funding for projects ensuring advanced AI is safe and beneficial | $1.5 billion |
| Ensure everyone has access to clean water and sanitation, once and for all | $1.22 trillion |
| End hunger and malnutrition | $341 billion
|
| Give women control over their reproductive health by funding contraception, maternal care, and newborn care for all women for at least 5 years | $175 billion
|
| Massively suppress or eradicate tuberculosis, malaria, and HIV | $219 billion
|
| Massively suppress or eradicate most neglected tropical diseases | $53 billion |
| Halve factory farming by 2050 | $222 billion |
| Total $3.5 trillion |
If all of these issues could be improved, eradicated or suppressed, imagine what 5 years of giving could do!
Comments are closed.