Bill Gates Says His $109 Billion Net Worth Shows That The Economy Is Not Fair

Bill Gates is the second richest person in the world and Forbes estimates his net worth to be $108.8 billion. However, he says his extreme wealth is not fair.

In a blog post reflecting on how the previous year (2019) went, Bill Gates wrote, “The distance between top and bottom incomes in the United States is much greater than it was 50 years ago. A few people end up with a great deal—I’ve been disproportionately rewarded for the work I’ve done—while many others who work just as hard struggle to get by.”

Bill Gates, an American business magnate, software developer, investor and philanthropist, was born on the 28th of October, 1955. He is best known as the co-founder of Microsoft Corporation, and once held the positions of chairman, CEO, president and chief software architect and at the same time, being the largest individual shareholder till May 2014.

In order to proffer solution to the problem, he said the United States government should raise taxes that affect the wealthy. Bill Gates wrote referring to his wife, “I’m for a tax system in which, if you have more money, you pay a higher percentage in taxes. I think the rich should pay more than they currently do, and that includes Melinda and me.” 

Gates specifically said there should be a higher capital gains tax (a tax on money made on investments), that would disproportionately affect the wealthy. It is believed that none of the richest people in the world has made their fortunes solely through a salaried job, and for this. he believes the government “should shift more of the tax burden onto capital” rather than labour.

Bill Gates said, “I don’t see any reason to favour wealth over work the way we do today. It’s the clearest evidence I’ve seen that the system isn’t fair.”

On Tuesday (Dec. 31), Gates said in a blog post that the United States should have a higher estate tax, which would affect the rich. He said: “A dynastic system where you can pass vast wealth along to your children is not good for anyone; the next generation doesn’t end up with the same incentive to work hard and contribute to the economy.”

Gates disclosed that it is one of the reasons he co-founded The Giving Pledge with Warren Buffett, which invites billionaires to commit to giving away the majority of their money to charity, and both the Gates and Buffett have made the pledge. 

Buffett wrote in The New York Times in 2011, “I know well many of the mega-rich and, by and large, they are very decent people. They love America and appreciate the opportunity this country has given them. Many have joined the Giving Pledge, promising to give most of their wealth to philanthropy. Most wouldn’t mind being told to pay more in taxes as well, particularly when so many of their fellow citizens are truly suffering. “My friends and I have been coddled long enough by a billionaire-friendly Congress. It’s time for our government to get serious about shared sacrifice.”

Gates said, "fundamentally, whether, through taxes or philanthropy, extraordinary wealth needs to be reinvested in society. Gates further disclosed that in 2020, his family will continue to live up to obligation via taxes, foundation and personal giving.