Bill Gates looks to continue giving away his fortune after learning he’s going to be a grandfather
Even at age 67, Bill Gates is still finding new reasons to give away most of that wealth.
The Microsoft co-founder is one of the world’s most prolific philanthropists and has said he would like to donate “practically everyone” of his $103 billion fortune and falls from the list of the richest people in the world. He’s called it a “fundamental responsibility of anyone with a lot of money” and an interesting challenge, but his latest motivation for donating is much more personal.
“I recently started seeing the world through a new lens — when my older daughter broke the amazing news that I’m going to be a grandfather next year,” Gates wrote in his annual end-of-year letter released Tuesday.
Gates’ eldest child, 26-year-old Jennifer, announced her pregnancy last month, and her father described how the experience impacted his future prospects for his grandchildren.
“The thought adds a new dimension to my work,” he wrote. “As I think of the world my grandchild will be born into, I am more inspired than ever to help all children and grandchildren have a chance to survive and thrive.”
A legacy of giving
Since establishing his first charitable foundation in 1994, Gates and his now ex-wife Melinda French Gates have built their philanthropic careers into the Bill & Melinda Gates Foundation, a recognized name in the global fight against disease, poverty and inequality.
The Bill & Melinda Gates Foundation is the second largest charity in the world by net worth with an endowment valued at nearly $70 billion. Through the foundation, Gates has reportedly donated more than $50 billion since 1994 to eradicate disease, advance education and advance gender equality.
Aside from philanthropy, Gates has also invested in early-stage startups that he believes are working on promising solutions to the challenges of today and tomorrow. Through his Breakthrough Energy initiative, which aims to mobilize $15 billion in capital, Gates has funded research into climate solutions and clean energy innovations ranging from studying geoengineering to developing experimental nuclear fusion reactors.
In his most recent letter, Gates reiterated his plan to eventually be dropped from the richest people list and said he was “in full swing” on his larger project of giving away most of his fortune, but he also warned that global philanthropy faces unprecedented challenges in the years to come. Global shocks like the COVID pandemic and the Ukraine war are “slowing and even reversing much of the progress made in recent years,” Gates wrote, while rising inflation and slowing economic growth are forcing wealthier countries to cut foreign aid.
“Through the foundation and my personal work, I try to ensure that despite everything else, the world continues to do more to help the poorest,” Gates said.
Gates also foresaw how his philanthropy could benefit younger generations and people of the future. “I also hope that through my work I can help make the world a better place that future generations deserve,” he wrote.
The biggest challenge
At the heart of his concern for the next generation, Gates said, is climate change. Warming temperatures have already begun to take a toll on society, and it’s critical to take action now to protect our children and grandchildren, Gates said.
“I can summarize the solution to climate change in two sentences: we must eliminate global emissions of greenhouse gases by 2050. Extreme weather is already causing more suffering, and unless we reach net-zero emissions, our grandchildren will be growing up in a world that is dramatically worse off,” Gates wrote in his letter.
As his foundation works to help poor communities adapt to climate change, Gates acknowledged that “philanthropy alone cannot eliminate greenhouse gases” and “markets and governments” are the only real mechanisms to deliver results on the scale and timeframe required achieve.
Despite his commitment to finding solutions, Gates is pessimistic about humanity’s chances of meeting its primary climate goal of keeping global temperature rise below 2°C by the end of the century. “We’re going to have to do an incredible job to stay below 2C,” he said in an interview with Reuters released on Tuesday, although he was optimistic about the market’s ability to spur innovation in the industry.
“It might seem strange to be talking about profit-making ventures in a letter about giving away my resources,” Gates wrote in his letter, adding that philanthropy and profit incentives are already working together to improve the world’s climate prospects . “The good news is that we’re a lot further along than I would have expected a few years ago in getting companies to invest in zero-carbon breakthroughs.”
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