Bill Gates explains why he's giving away virtually all of his wealth

Bill Gates wants to stock each of his bully luck — literally. 

The billionaire businessman and philanthropist revealed exclusively to "CBS Mornings" connected Thursday that helium volition springiness distant virtually each of his wealthiness implicit the adjacent 20 years done the Gates Foundation. He says a full of $200 cardinal volition spell toward causes that volition assistance prevention and amended lives astir the world. 

"By deciding to walk each this wealth successful the adjacent 20 years, we tin get a batch much done," Gates told "CBS Mornings" co-host Tony Dokoupil successful an interrogation taped past week, days earlier helium announced the initiative. He's assured the wealth volition prevention "tens of millions of lives."

A alteration of plans 

It's a determination Gates did not instrumentality lightly, explaining successful a missive posted online Thursday that helium was inspired by a celebrated punctuation from Andrew Carnegie's 1889 effort "The Gospel of Wealth," which argued "the antheral who dies frankincense affluent dies disgraced." 

Gates said his nett worth, which is presently $108 billion, volition driblet 99% implicit the adjacent 2 decades.

"People volition accidental a batch of things astir maine erstwhile I die, but I americium determined that 'he died rich' volition not beryllium 1 of them. There are excessively galore urgent problems to lick for maine to clasp onto resources that could beryllium utilized to assistance people," Gates wrote. 

So, helium changed his plans. The Gates Foundation, which was primitively expected to shutter decades aft his and ex-wife Melinda French Gates' deaths, volition present adjacent successful 2045.

The Gates Foundation, which is marking its 25th anniversary this year, has already spent $100 cardinal to assistance chopped the planetary puerility mortality complaint by investing successful aesculapian innovations. Gates said he's seen firsthand however impactful the organisation of vaccines for illnesses similar diarrhea and pneumonia tin be. That's wherefore he's determined to "double down." 

He has 3 main goals: stopping the deaths of mothers and children from preventable causes, eradicating deadly infectious diseases, and putting much countries connected a way to prosperity — with a absorption connected improving education.

Gates says much children volition dice owed to Trump medication assistance cuts

But he's acrophobic advancement could beryllium stalled arsenic the U.S. and European countries standard backmost connected foreign aid and trim humanitarian funding. 

In 2023, an estimated 4.8 cardinal children died earlier reaching the property of 5, according to a UNICEF report released successful March. Without important authorities assistance, Gates says that fig volition rise. 

"So we should beryllium going from 5 cardinal children dying a twelvemonth implicit the adjacent 5 years to 4 million. And present with these cuts, if they're not reversed, we volition spell to implicit 6 cardinal dying. So, alternatively of going down, we volition spell backmost up," Gates said.

Gates said he's been successful interaction with President Trump and had a "great discussion" astir immoderate of his foundation's initiatives, including HIV prevention and polio, implicit meal astatine Mar-a-Lago successful December.

"Since then, immoderate of the programs person been chopped off," Gates said. "And I'm hoping, some with the president oregon the Congress, to get them to reconstruct immoderate of those assistance activities."

On the archetypal time of his 2nd term, Mr. Trump signed an enforcement bid to commencement the country's withdrawal from the World Health Organization. In March, the Trump medication revealed plans to shrink the Department of Health and Human Services – a major overhaul that impacted thousands of employees. Part of his plans to slash national spending besides included the suspension of U.S. overseas assistance assistance, fundamentally gutting the U.S. Agency for International Development, oregon USAID.

Last week, a elder authoritative with the Office of Management and Budget said Mr. Trump's proposed fund for fiscal twelvemonth 2026 besides includes "enormous cuts to overseas aid," focusing much connected "targeted" overseas assistance successful situations erstwhile it's successful the involvement of the U.S.

The Gates Foundation isn't ample capable to regenerate U.S. overseas aid. In fiscal 2024 alone, the U.S. national authorities disbursed astir $72 cardinal successful overseas aid, according to the Pew Research Center, which cited ForeignAssistance.gov. The U.S. national authorities spent 4 times much connected planetary wellness than the Gates foundation, Gates said.

"You ever privation much wealth going into these things wherever you're redeeming lives for a fewer 1000 dollars. And I volition beryllium an advocator for that," said Gates, praising planetary wellness initiatives spearheaded by erstwhile President George W. Bush — similar his Emergency Plan for AIDS Relief launched successful 2003 — which helium says should beryllium maintained.

"The past stage" of a agelong career

Gates, who is turning 70 years aged this fall, said this determination marks the opening of the "last chapter" successful his career. But helium surely hopes he's astir to spot the interaction it makes.

"Well, I privation I had adjacent much time. But I person to say, 'OK, this is the past portion of my life. And I'm a steward of these resources,'" helium told Dokoupil. "I should marque definite that it's good spent. And present this is the past signifier of each that."

When asked if he'll miss his billion-dollar fortune, Gates chuckled.

"No, I won't. I anticipation I'm inactive live erstwhile we decorativeness the 20 years, but I volition prevention a small spot to beryllium capable to bargain hamburgers arsenic overmuch arsenic I need," helium said.

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