Billionaire businessman and philanthropist Bill Gates is giving up his wealth for the health and wellness of millions, announcing exclusively on “CBS Mornings” on Thursday that he’s committing $200 billion from the Gates Foundation to be spent over the next 20 years.
Gates first revealed his plan to give away virtually all of his wealth in an interview with “CBS Mornings” last week, saying he will take an “equity, value-driven approach” to the distribution of funds. It will go toward several causes, with a focus on global health and education. His ultimate goal: save tens of millions of lives, especially those of women and children suffering from HIV, malaria and other deadly illnesses.
Here are some highlights from his discussion about his $200 billion mission, as well as what he calls his “last chapter” in life — and more.
“It’s wild that somebody can have as much money as I do”
Gates said he won’t miss the money, but he does hope he’ll live long enough to see some of the positive ways it has helped hard-hit communities.
“I hope I’m still alive when we finish the 20 years, but I will save a little bit to be able to buy hamburgers — as much as I need,” Gates joked.
Some might be thinking, Why now? To Gates, it’s simple: You can get more done by spending more money. That’s why the Microsoft co-founder said he’s “doubling down.”
“And after that, there will be other very wealthy people who can understand what the problems are, what’s still left over,” Gates said.
“And, in a way, it’s wild that somebody can have as much money as I do,” he added.
More children will die due to aid cuts by Trump administration, Gates says
As the U.S. and other European countries cut foreign aid budgets, health experts have voiced concerns about the implications for global health. In 2023, an estimated 4.8 million children died before reaching the age of 5, according to a UNICEF report released in March, marking a significant drop since 1990. Gates expects deaths could rise again, and it’s something he wants to address.
“I will say, despite the challenges we have right now, which are huge and surprising, I’m very optimistic about the progress we can make over the next 20 years,” Gates said. “The next five, there will be setbacks because of these cutbacks, but we will get – and so the number 5 million might go up for a bit, which shouldn’t happen. It’s terrible. But, over time, we will get that number down even below 3 million.”
Gates urges U.S. leaders to consider the difference that maintaining foreign aid — roughly 1% of last year’s federal budget — can make.
“For 1%, if you can save lives for 1,000 times less than we save lives here, and if that creates stability in those countries, so they’re thriving countries that will participate in the global economy,” Gates explained. “And we don’t have to intervene with our military or anything, and the strategic relationship with them, where they see that we have helped them advance, and that that money is why you will be able to see a future pandemic early and stop it from spreading like COVID did all the way to the United States.”
Gates hopes the U.S. will follow his lead in helping some of the world’s poorest nations, and said he will always advocate for governments to help.
“We never ask for more than 1% to go to helping the poorest. And I think cutting — when you’re well below that 1%, cutting that I think – doesn’t reflect the values I think we should stand for,” said Gates, adding that the U.S. shouldn’t cut money for vaccines or HIV medicines.
Some of these topics came up during a three-hour dinner between Gates and President Trump at Mar-a-Lago in December. Gates said they had a “great discussion” about polio and innovations in HIV prevention and working together to get an “HIV cure sooner.”
“Since then, some of the programs have been cut off,” Gates said.
On the first day of his second term, Mr. Trump signed an executive order to start the country’s withdrawal from the World Health Organization. In March, the Trump administration revealed plans to shrink the Department of Health and Human Services — a major overhaul that impacted thousands of employees. Part of his plans to slash federal spending also included the suspension of U.S. foreign aid assistance, essentially gutting the U.S. Agency for International Development, or USAID.
Last week, a senior official with the Office of Management and Budget said Mr. Trump’s proposed budget for fiscal year 2026 also includes “enormous cuts to foreign aid,” focusing more on “targeted” foreign aid in situations when it’s in the interest of the U.S.
“I’m hoping, both with the president or the Congress, to get them to restore some of those aid activities,” said Gates, adding that the Gates Foundation can’t replace U.S. assistance.
In fiscal 2024, the U.S. federal government disbursed nearly $72 billion in foreign aid, with $14.4 billion toward humanitarian assistance, the Pew Research Center reports, citing ForeignAssistance.gov.
Gates fears foreign aid cuts could lead to even more childhood deaths due to a lack of vaccines and HIV medicines that prevent mothers from infecting their babies.
“Instead of [deaths] going down, we will go back up,” Gates said.
The “last chapter” of Gates’ career
Gates is marking many significant milestones this year — the Gates Foundation turning 25 years old, Microsoft turning 50 and Gates himself turning 70.
“I’m stunned that I’m 70, because, when I was young, and I thought, hey, those old people don’t… they’re not very up to date on what’s changing, what’s important. And so here I am,” said Gates, admitting that his “Microsoft days were very intense.”
These days, he’s spending his spare time playing pickleball and tennis, and reading. He also travels regularly to Africa and India as part of his work with the Gates Foundation, overseeing some of the programs he’s partnered with to improve health and development.
“I get to travel and see the impact. And I’m not working. In my 20s, all I did was work,” Gates said.
Gates said he doesn’t “feel like a 70-year-old,” but he wishes he had “even more time.”
Toward the end of a letter he posted online Thursday explaining his decision to give away virtually all his wealth, Gates said he’s beginning the “last chapter” of his career.
“And I hope I’m lucky enough that during the 20 years that we spend all of these resources that I will be able to both help guide it somewhat and see the work and make sure that others are going to step in to pick up whatever doesn’t get done during these next 20 years,” he told “CBS Mornings.”
Part of Gates’ motivation stems from the generosity of his good friend Warren Buffett, who has donated billions to the Gates Foundation over the past 19 years. Buffett, who is now 94 and announced this month he’ll be stepping down as CEO of Berkshire Hathaway, made lifetime pledges two decades ago to five charities — including the Gates Foundation — that will continue until his death. At the time, it was the largest philanthropic pledge in history.
“I should make sure that it’s well spent. Warren Buffett’s generosity, that’s always — I have felt a huge responsibility to make sure his generosity is highly impactful. And now this is the last stage of all that,” Gates added.
What Gates hopes the world says about him in 100 years
When asked what he hopes the world says about him 100 years from now, Gates said he has “no interest” in creating a lasting name for himself.
“If I cared about that, maybe I’d make the foundation a foundation that lasts forever. And other people choose to do that,” Gates said. “That’s fine. I don’t think that’s the way to have the most impact. Most of the things I work on will no longer be problems.”
He hopes people a century from now will be puzzled by some of the diseases he’s working to eradicate, like tuberculosis, measles and malaria.
“I think we will treat all children’s lives as having value, because the world will be rich enough and the innovation of tools to let you do that will be so strong, you know, the childhood death number should be very small and not different between different countries,” Gates said.
AI is a “very empowering tool” for future generations
Another tool that Gates believes could help: artificial intelligence.
“In a certain sense, it’s going to be so novel that none of us are ready for it. But some of the aspects of it are incredibly positive,” said Gates, who said he’s seen firsthand how AI-powered teaching assistant Khanmigo, built by the nonprofit Khan Academy, is being used by math teachers in New Jersey.
While AI can help foster curiosity and be a “very empowering tool,” Gates said kids will continue to forge their own paths based on their unique interests.
“Kids will choose what they’re interested in. They don’t all have to be AI scientists,” he said.
While some may voice concerns over AI being a motivation killer, Gates argues the opposite. It could give you more freedom and time to spend on things you’re passionate about.
“Well, that’s called the ’embarrassment of riches’ problem, that you won’t have to work the long hours that you work today. You won’t have a shortage of doctors and huge waiting lists,” said Gates, adding that he hopes AI will help support countries, like Africa, that are facing doctor shortages.
“Society will get to decide: how do you spend time? And how quickly that comes, you would get pretty broad disagreement, but, in general, that’s where we’re headed. And so — we will have more freedom. It’s a lot better than things going backwards,” he added.
https://www.cbsnews.com/news/bill-gates-interview-cbs-mornings-5-highlights/
