Bill Gates Says He’ll Eventually Sell Everything He Owns to Fund His Philanthropies

Microsoft founder Bill Gates stated he’ll donate an enormous quantity of his fortune to his philanthropic endeavors together with a lot of the farmland he at the moment owns. Gates is at the moment the seventh richest man on this planet with a web price of $103.6 billion based on Forbes, and he’s now pledging to present away most of his billions.

Gates based the Bill & Melinda Gates Foundation along with his then-wife, Melinda French Gates, in 2000 which goals to deal with issues like poverty, inequity, and infectious ailments. He and his ex-wife additionally based the Giving Pledge alongside Warren Buffet in 2010, which asks the richest folks on this planet to donate their wealth to charitable causes of their will or over the course of their life.

However, in a query posted to his Ask Me Anything web page on Reddit on Wednesday, one consumer questioned if it was “contradictory to be a humanitarian and then accumulate most scarce resource-land under one?”

The query refers back to the roughly 275,000 acres of farmland Gates owns within the U.S. as of final 12 months however he instructed the Reddit consumer that he plans to present most of it away. His acreage is tracked by Land Report 100 which retains tabs on essentially the most prolific landowners within the nation. 

Gates responded, writing “I own less than 1/4000 of the farmland in the US. I have invested in these farms to make them more productive and create more jobs. There isn’t some grand scheme involved – in fact, all these decisions are made by a professional investment team.”

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He clarified that he intends to promote the land along with his remaining wealth, writing, “Everything I own will be sold as money moves into the Foundation.” He continued, “In the meantime, my investment group tries to invest in productive assets including farmland although that is less than 4% of the total.”

In July, Gates first introduced he deliberate to present nearly all of his wealth to the Bill & Melinda Gates Foundation even though it might knock him off the world’s richest folks checklist.

Gates donated a complete of $20 billion to the inspiration final 12 months and in a Twitter post, he stated, “I have an obligation to return my resources to society in ways that have the greatest impact for reducing suffering and improving lives. And I hope others in positions of great wealth and privilege will step up in this moment too.”