Bill Gates - Personal Life, Philanthropy
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| Bill and Melinda Gates, June 2009 |
The family resides in the Gates's home, an earth-sheltered house in the side of a hill overlooking Lake Washington in Medina. According to King County public records, as of 2006 the total assessed value of the property (land and house) is $125 million, and the annual property tax is $991,000.
His 66,000 sq ft (6,100 m2) estate has a 60-foot (18 m) swimming pool with an underwater music system, as well as a 2,500 sq ft (230 m2) gym and a 1,000 sq ft (93 m2) dining room.
Also among Gates's private acquisitions is the Codex Leicester, a collection of writings by Leonardo da Vinci, which Gates bought for $30.8 million at an auction in 1994. Gates is also known as an avid reader, and the ceiling of his large home library is engraved with a quotation from The Great Gatsby. He also enjoys playing bridge, tennis, and golf.
Gates was number one on the Forbes 400 list from 1993 through to 2007 and number one on Forbes list of The World's Richest People from 1995 to 2007 and 2009. In 1999, his wealth briefly surpassed $101 billion, causing the media to call Gates a "centibillionaire". Despite his wealth and extensive business travel Gates usually flew coach until 1997, when he bought a private jet. Since 2000, the nominal value of his Microsoft holdings has declined due to a fall in Microsoft's stock price after the dot-com bubble burst and the multi-billion dollar donations he has made to his charitable foundations.
In a May 2006 interview, Gates commented that he wished that he were not the richest man in the world because he disliked the attention it brought. Gates has several investments outside Microsoft, which in 2006 paid him a salary of $616,667 and $350,000 bonus totalling $966,667. He founded Corbis, a digital imaging company, in 1989. In 2004 he became a director of Berkshire Hathaway, the investment company headed by long-time friend Warren Buffett. In March 2010 Bill Gates was bumped down to the second wealthiest man behind Carlos Slim.
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Gates with Bono, Queen Rania of Jordan, former British Prime Minister Gordon Brown, President Umaru Yar'Adua of Nigeria and others during the Annual Meeting 2008 of the World Economic Forum in Switzerland |
Gates began to appreciate the expectations others had of him when public opinion mounted suggesting that he could give more of his wealth to charity. Gates studied the work of Andrew Carnegie and John D. Rockefeller, and in 1994 sold some of his Microsoft stock to create the William H. Gates Foundation. In 2000, Gates and his wife combined three family foundations into one to create the charitable Bill & Melinda Gates Foundation, which is the largest transparently operated charitable foundation in the world. The foundation allows benefactors access to information regarding how its money is being spent, unlike other major charitable organizations such as the Wellcome Trust. The generosity and extensive philanthropy of David Rockefeller has been credited as a major influence. Gates and his father met with Rockefeller several times, and modeled their giving in part on the Rockefeller family's philanthropic focus, namely those global problems that are ignored by governments and other organizations. As of 2007, Bill and Melinda Gates were the second-most generous philanthropists in America, having given over $28 billion to charity. They plan to eventually give 95% of their wealth to charity.
The foundation was at the same time criticized because it invests assets that it has not yet distributed with the exclusive goal of maximizing return on investment. As a result, its investments include companies that have been charged with worsening poverty in the same developing countries where the Foundation is attempting to relieve poverty. These include companies that pollute heavily, and pharmaceutical companies that do not sell into the developing world. In response to press criticism, the foundation announced in 2007 a review of its investments, to assess social responsibility. It subsequently canceled the review and stood by its policy of investing for maximum return, while using voting rights to influence company practices. The Gates Millennium Scholars program has been criticized for its exclusion of Caucasian students.
Gates's wife urged people to learn a lesson from the philanthropic efforts of the Salwen family, which had sold its home and given away half of its value, as detailed in The Power of Half. Gates and his wife invited Joan Salwen to Seattle to speak about what the family had done, and on December 9, 2010, Gates, investor Warren Buffett, and Mark Zuckerberg (Facebook's CEO) signed a promise they called the "Gates-Buffet Giving Pledge", in which they promised to donate to charity at least half of their wealth over the course of time.
source: wikipedia
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