I recently came across the news that Bill Gates plans to give away his entire fortune through his charity foundation over the next 20 years. It got me thinking, why would someone spend the majority of their life accumulating wealth only to give it all away in the end? I'm curious, do they truly give it all away, or is there something more going on behind the scenes?
To avoid taxes. What was the name of the charity foundation he mentioned? I guess that is still under Bill Gates' foundation, and whoever runs that is probably a kin to him. These wealthy people know the tax loopholes and so to avoid being taxed with a lot of money through charity foundations and good cause funding. It's not only he who has mentioned that. They might give away a portion of it but they're not dump to let all of the money they've worked hard for just it to charity. I think if you do the calculation even if 99% of his wealth given to the charity, he'll still remain a billionaire.