Bill Gates Says Charity Is the Best Way for Billionaires to Spend Their Fortune

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by Tolu Ajiboye · 3 min read
Bill Gates Says Charity Is the Best Way for Billionaires to Spend Their Fortune
Photo: Steven Depolo / Flickr

Bill Gates is one of the richest people of the planet and he believes that charity is the “logical” way for him to spend his heavy fortune.

Easily one of the world’s richest people, Bill Gates says charity is the best way to spend his money. According to the entrepreneur and philanthropist, there really is no better way to spend the amount of money a billionaire makes.

In a recent CNBC report, Bill Gates says that figuring out the best way to spend a ton of wealth can be pretty challenging. The report suggests that this could be a lot more challenging than the benefit of being able to buy anything you want with the money.

Currently, Bill Gates according to Forbes has a net worth of $110.6B. If there is ever any talk of the world’s richest 1%, Gates has an almost permanent position there. The Microsoft founder has been atop this list for many years now even though he has giving billions of dollars to charitable causes.

Other Channels Gates Considered

Gates recently explained to students at the Lakeside School, how he decided that charity is the best way. The big question is “where can you put your money?”

Furthemore, Gates joked to the students about spending money on food. But if you’re looking to spend over $100 billion, how much food can you really eat?

Moving over to clothing, the same idea can be shared. You could personally hire the most expensive bespoke tailor in the world. Even if you do that, how many can you wear?

One more option is family. Many people believe that the best thing to do for their children is to pass off their wealth. Gates, however, doesn’t exactly think so. According to him, giving your kids that much money is “not that good an idea.”

Ruling out the above three, all that’s left for the billionaire is charitable expenses.

Bill Gates Is Focused on Charity

According to Gates, he and his wife Melinda both decided that charity was the only “logical outcome.” That’s why today, they both give out a lot of money to charity in different countries globally. As they really understand that they need to help if they can while the global inequity is still growing.

Back in 2000, the couple set up the Bill & Melinda Gates Foundation. By the fourth quarter of 2018, according to an official page, the foundation had given out total grant payments of $50.1 billion. Gates says he likes to consistently put himself to solving issues.

“The idea that we would build an organization and be very hands-on and run it – that has to do with a desire to work every day and think about very tough problems…Melinda and I love doing that.”

Gates Is Number 3

Until recently, Amazon founder and CEO Jeff Bezos was the richest man in the world. As Coinspeaker reported a few hours ago, Bezos has now slipped from that position. Currently, Bezos is number two with LVMH CEO Bernard Arnault at the number position after the company’s stock jumped 0.7%. This leaves Gates at number three.

Also, reports have it that Bill Gates has given away almost $36 billion of his personal wealth to charity. Consequently, we can assume that if he hadn’t, Gates would be number one.

News, Personal Finance
Tolu Ajiboye
Author Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

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