Contrasting views on use of wealth

You might call it a tale of two billionaires. One has pledged to give away nearly all his fortune to eradicate disease and reduce poverty worldwide.

- LEE BYUNG-JONG

The other is busy slashing the world's largest aid programmes under the banner of cutting government waste. As you may have guessed, the former is Microsoft co-founder Bill Gates, and the latter is Tesla and SpaceX CEO Elon Musk.

These two of the world's wealthiest individuals are pursuing radically different visions of their legacy — and depending on which path prevails, the future of the world may look profoundly different.

The story took a dramatic turn earlier this month when Gates announced he would donate "virtually all" of his wealth over the next 20 years — an unprecedented philanthropic pledge totaling around $200 billion, the largest in history. This is in addition to the nearly $100 billion he has already spent through the Bill & Melinda Gates Foundation, which he launched in 2000 to combat disease and poverty in the world, particularly in Africa.

Now approaching his 70s, Gates intends to reduce his personal fortune by 99 per cent by the time he turns 90 in 2045. At that point, the foundation will be dissolved, having fully disbursed its endowment. Originally, Gates planned for the foundation to continue after his death, but he accelerated the timeline in response to growing global crises and declining international aid.