The world has seen several individuals rise as the world's wealthiest people.

While there are several names on the list, one of them is instantly recognisable, especially in terms of how he changed the world.

At nearly 70 years old, one of the world's billionaires announced a massive move to be carried out within the next 20 years.

Microsoft co-founder, tech visionary, and philanthropist Bill Gates has spent decades at the top of the global rich list.

However, the 70-year-old tech mogul revealed his plans to give away 'virtually all' of his wealth, estimated at A$312 billion.

So, what's behind this extraordinary pledge, and what could it mean for the world, for Australia, and for the future of philanthropy?

Bill Gates co-founded Microsoft in 1975 along with Paul Allen. Image Credit: Biography.com

Bill and his ex-wife, Melinda French Gates, established the Bill & Melinda Gates Foundation back in 2000.

The Gates intended for their fortune to fund good works for decades after their passing.

However, Bill Gates decided that he did not want to wait that long.

In a heartfelt post online, Gates explained the rationale behind his decisions.

'There are too many urgent problems to solve for me to hold onto resources that could be used to help people,' he stated.

Bill Gates is not just talking about a few generous donations.

He revealed his plans to distribute almost all of his wealth, leaving just one per cent for himself.

He also announced the closure of the foundation's doors by the end of 2045.

Bill Gates' recent announcement became the most significant philanthropic commitment in modern history.

The Gates Foundation has already given away more than A$156 billion since its inception.

It has funded several efforts, including vaccine development and poverty reduction.

As Bill Gates' redistributes' his wealth, the focus will sharpen on three main goals:

• Ending preventable deaths of mothers and babies
• Eradicating deadly infectious diseases
• Lifting hundreds of millions of people out of poverty

While these were seen as ambitious targets, Gates believed that with the right resources and new technologies, real progress could be made.

Bill Gates' announcement came at a time when government funding for health, foreign aid, and public assistance were under threat in countries like the United States.

He stated that cuts to these programs could stall or even reverse progress on crucial issues like disease prevention and poverty alleviation.

In 2010, he joined forces with Melinda and fellow billionaire Warren Buffett to launch the Giving Pledge.

Giving Pledge encouraged some of the world's wealthiest individuals to commit at least half their fortunes to charity.

More than 240 billionaires have signed on so far, but Gates' latest move raised the bar higher for donations.

'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,' Bill Gates stated.

Learn more about Bill Gates' plan in this video by Fortune Magazine:

Source: Fortune Magazine/YouTube​

While the Gates Foundation's work is global, Australians have also benefited from its efforts.

The Gates Foundation has funded several efforts, including vaccine research, disease prevention, and poverty reduction within the country.

Gates' renewed commitment could mean more funding for projects that impact the Asia-Pacific, including Australia's neighbours.

Bill Gates' latest move raised interesting questions about the role of private philanthropy versus government funding.

While some applauded his generosity, others argued that no one person should have that much wealth or power over how it's spent.

Regardless, there's no denying that Gates' pledge is seen as a game-changer.

It sets a new standard for what's possible, and it challenges other wealthy individuals to think bigger about their own legacies.

Key Takeaways

• Microsoft co-founder Bill Gates announced he will give away 'virtually all' of his estimated A$312 billion fortune within the next 20 years as he aimed to close the Gates Foundation by 2045.
• The Gates Foundation would be focusing on three main goals: ending preventable deaths of mothers and babies, eradicating deadly infectious diseases, and lifting hundreds of millions out of poverty.
• Gates stated that he does not want to die rich and hopes his accelerated philanthropy will set an example for other billionaires.
• The Foundation's plan marked the 'largest philanthropic commitment in modern history'.

Should more billionaires follow Bill Gates' example? Should governments do more to address global challenges, or is philanthropy the way forward? We would love to read your thoughts, so share them with us in the comments section below, and let's get the conversation started.

 

[etphhome]

I wish more mega rich people would help other people on the poverty line.

 

[SirExton]

It's a Scam to get more publicity! BG and others like him do nothing, but line their own pockets with more $$$$$$$$

 

[deni67]

I went for an appointment with my oncologist and didn't make it past the scales, you have to weigh yourself on the way in and next to it is a little table, I got off the scales and sat down on the little table and couldn't move from there as I couldn't breathe, my doctor, the radiologist, a couple of nurses and the receptionist were all standing in front of me looking worried, someone said I needed to be in emergency so off I was taken then put into intensive care. I was in and out of consciousness but in the background I could hear Troppo talking to the doctors who told him I may never leave the hospital. Then suddenly I felt like I was in a tunnel and I was screaming for Troppo, although no noise was coming out, it was like being in a cone shaped thing then suddenly I was on my way back and the voices around me became clear and I could answer them. I was scared because I thought this was it, I even shocked the doctors when I spoke. They kept me there for 3 days then off to the ward for 7. So that was my little adventure of my last stay, and nearly my last day, I don't know why but I thought i'd share it with you all LOL..
If I ever hear about people experiencing the same thing i'll always believe them, even though I use to think it was a crock of shit..

 

[deni67]

It's a Scam to get more publicity! BG and others like him do nothing, but line their own pockets with more $$$$$$$$

You don't know that as a fact!