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wants to share all of his good fortune — literally. 

The billionaire businessman and philanthropist revealed exclusively to "CBS Mornings" on Thursday that he will give away virtually all of his wealth over the next 20 years through the . He says a total of $200 billion will go toward causes that will help save and improve lives around the world. 

"By deciding to spend all this money in the next 20 years, we can get a lot more done," Gates said in an interview taped last week, days before he announced the initiative. He's confident the money will save "tens of millions of lives."

It's a decision Gates did not take lightly, explaining in a letter posted online Thursday that he was inspired by a famous quote from Andrew Carnegie's 1889 essay which argued "the man who dies thus rich dies disgraced." 

Gates said his net worth, which is currently $108 billion, will drop 99% over the next two decades.

"People will say a lot of things about me when I die, but I am determined that 'he died rich' will not be one of them. There are too many urgent problems to solve for me to hold onto resources that could be used to help people," Gates wrote. 

So, he changed his plans. The Gates Foundation, which was originally supposed to shutter decades after his and ' deaths, will now close in 2045.

The Gates Foundation, which is this year, has already spent $100 billion to help cut the global childhood mortality rate by investing in medical innovations. Gates said he's seen firsthand how impactful the distribution of vaccines for illnesses like diarrhea and pneumonia can be. That's why he's determined to "double down." 

He has three main goals: stopping the deaths of mothers and children from preventable causes, eradicating deadly infectious diseases, and putting more countries on a path to prosperity — with a focus on improving education.

But he's concerned progress could be stalled as the U.S. and European countries scale back on and reduce . 

In 2023, an estimated 4.8 million children died before reaching the age of 5, according to a UNICEF . Without substantial government assistance, Gates says that number will rise. 

"So we should be going from 5 million children dying a year over the next five years to 4 million. And now with these cuts, if they're not reversed, we will go to over 6 million dying. So, instead of going down, we will go back up," Gates said.

Gates said he's been in touch with President Trump and had a "great discussion" about some of his foundation's initiatives, including HIV prevention and polio, over dinner at Mar-a-Lago in December.

"Since then, some of the programs have been cut off," Gates said. "And I'm hoping, both with the president or the Congress, to get them to restore some of those aid activities."

On the first day of his second term, Mr. Trump signed an executive order to start the country's. In March, the Trump administration revealed plans to shrink the Department of Health and Human Services — a that impacted thousands of employees. Part of his plans to slash federal spending also included the , 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 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.

The Gates Foundation isn't large enough to replace U.S. foreign aid. In fiscal 2024 alone, the U.S. federal government disbursed nearly $72 billion in foreign aid, according to the , which cited . The U.S. federal government spent four times more on global health than the Gates foundation, Gates said.

"You always want more money going into these things where you're saving lives for a few thousand dollars. And I will be an advocate for that," said Gates, praising global health initiatives spearheaded by former President George W. Bush — like his launched in 2003 — which he says .

Gates, who is turning 70 years old this fall, said this move marks the beginning of the "last chapter" in his career. But he certainly hopes he's around to see the impact it makes.

"Well, I wish I had even more time. But I have to say, 'OK, this is the last part of my life. And I'm a steward of these resources,'" he told "CBS Mornings." "I should make sure that it's well spent. And now this is the last stage of all that."

When asked if he'll miss his billion-dollar fortune, Gates chuckled.

"No, I won't. 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," he said.