Rubén Andrés
WriterWriter at Xataka. I've been working remotely for more than a decade and I'm a strong advocate of technology as a way to improve our lives. Full-time addict of black, sugar-free coffee.
Microsoft founder Bill Gates has been among the 10 richest people in the world for decades. However, his fortune has recently dropped several places on Forbes’ list of billionaires.
This decline in his estimated wealth isn’t due to any missteps in his investments. Rather, it results from a long-term plan he has followed for more than 20 years. He wants to donate 99% of his fortune through the foundation he created with his ex-wife, Melinda French Gates. His foundation has already donated $100 billion to philanthropic initiatives.
His fortune won’t be his legacy. Gates is one of several billionaires who have chosen not to leave their amassed wealth to their children. Other notable figures who share this philosophy include Berkshire Hathaway CEO Warren Buffett, Meta CEO Mark Zuckerberg, Steve Jobs’ widow Laurene Powell Jobs, and singers Mick Jagger and Sting.
In a recent interview with the BBC, Gates confirmed that he won’t leave much of his fortune to his children. He plans to give them only a small percentage of his current wealth, estimated at around $107 billion. Gates reassured that his children won’t be poor. He explained, “In absolute, they’ll do well; in percentage terms, it’s not a gigantic number.” While 1% of something may not seem substantial, 1% of $107 billion amounts to $10.7 billion–a considerable inheritance by any standard.
$100 billion. Gates also told the outlet that the Bill and Melinda Gates Foundation has reached a significant milestone on its 25th anniversary: It’s donated $100 billion to philanthropic projects worldwide. “I’ve given over $100 billion, but I still have more to give,” he said.
The Microsoft founder explained that he’s contributed around $60 billion of his personal fortune to the foundation since stepping back from managing the tech company. The remaining $40 billion has come from periodic donations made by third parties, including his friend Buffett, who donates several billion dollars to the foundation each year.
Figures. According to the latest figures released by the Gates Foundation, as of the fourth quarter of 2023, the foundation has donated $77.6 billion and holds a trust capital of $75.2 billion.
Of the $77.6 billion the foundation claims to have donated since its inception, $59.3 billion came from Gates’ personal contributions. Meanwhile, Buffett has donated $39.3 since 2006. Based on these figures, and pending the release of the foundation’s 2024 accounts, it appears that Gates “only” contributed an additional $700 million to the foundation over the past year, while his fortune decreased by around $16 billion during that same period.
The responsibility of wealth. In the BBC interview, Gates said he was profoundly influenced by his parents’ philanthropy throughout his childhood. His mother often reminded him that “with wealth came the responsibility to give it away.”
Inspired by his parents, Gates teamed up with Buffett to establish The Giving Pledgeinitiative. The project encourages several dozen millionaires to commit to donating at least 50% of their wealth to philanthropic causes.
Notable figures such as Zuckerberg, Tesla CEO Elon Musk, Amazon co-founder MacKenzie Scott, and, most recently, OpenAI CEO Sam Altman, are part of this select group. They believe that achieving wealth should come with a commitment to support the society that helped them succeed.
Image | Greg Rubenstein
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