Billionaire and philanthropist Bill Gates has revealed his intention to give away virtually all of his wealth, estimated at $108 billion, within the next 20 years through the Bill & Melinda Gates Foundation. In an exclusive interview with *CBS Mornings*, Gates shared that this effort will channel approximately $200 billion toward global health, development, and poverty alleviation initiatives to save and improve millions of lives worldwide.
“I want to make sure we get as much done as possible,” Gates said during the taped interview. He expressed confidence that the funding would help save “tens of millions of lives” over the coming decades.
A Shift in Strategy
Gates explained that his decision was influenced by Andrew Carnegie’s 1889 essay *The Gospel of Wealth*, which argues that it is a moral failing to die rich. As part of this new plan, the Gates Foundation, which was initially intended to outlive him and his ex-wife, Melinda French Gates, will now close its doors in 2045, just 20 years from now.
By then, Gates expects his net worth to have decreased by 99%. He made it clear: “People will say a lot of things about me when I die, but I am determined that ‘he died rich’ will not be one of them.”
Focus Areas for Philanthropy
Gates outlined three major goals for the foundation’s final phase:
1. **Ending preventable deaths of mothers and children**
2. **Eradicating deadly infectious diseases**
3. **Helping more countries achieve prosperity, especially through better education**
He emphasized how investments in vaccines and medical innovation have already saved countless lives, and he wants to "double down" on those efforts.
Concerns Over U.S. Foreign Aid Cuts
However, Gates expressed concern that recent reductions in U.S. foreign aid, especially under the Trump administration, could reverse progress made in global health.
According to UNICEF, 4.8 million children under age five died in 2023. Gates warned that without sufficient government support, that number could rise above six million instead of falling to four million as originally projected.
Gates recalled a December dinner with President Trump at Mar-a-Lago where they discussed issues like HIV prevention and polio eradication. Despite that conversation, some programs have since faced cuts, prompting Gates to urge Congress and the administration to restore funding.
In fiscal 2024 alone, the U.S. government provided nearly $72 billion in foreign aid, far exceeding what the Gates Foundation can offer. “You always want more money going into these things where you're saving lives for a few thousand dollars,” Gates said, praising past bipartisan efforts like George W. Bush’s AIDS relief program.
At nearly 70 years old, Gates described this commitment as the “last stage” of his career—but not necessarily the end of his involvement. “I wish I had even more time,” he said. “But I have to say, ‘OK, this is the last part of my life. And I'm a steward of these resources.”
As for giving up his fortune? “No, I won’t miss it,” he joked. “I hope I’m still alive when we finish the 20 years, but I’ll keep enough to buy hamburgers whenever I want.”