I don’t deserve my fortune - Gates

BILL Gates has claimed he had paid too little tax and did not deserve to be so rich.

The 63-year-old, who is worth around £73billion, said he and other business barons should have to contribute more.

In an interview with the Mail, he said: “I have paid more than $10bn in taxes but I should have paid more. I more than followed the law but I think things should be more progressive.”

The father of three made his fortune after founding Microsoft in 1975. It is now one of the world’s most valuable companies.

Gates, who stepped back from his day-to-day role in 2008, is one of a handful of billionaires who have promised to leave most of their fortunes to good causes rather than to their children.

With his 54-year-old wife, he runs the Bill & Melinda Gates Foundation, which is dedicated to tackling poverty and disease in poorer countries.

“I don’t deserve my fortune,” Gates added. “Nobody does. It has come through timing, luck, and through people I worked with. I certainly worked hard, and I think software has been a beneficial thing, but I benefited from a structure too.

“I don’t think giving the money to my children would be good for them or good for society.

“So after whatever consumption I have, and after some left aside for the kids and for taxes, the rest of the money goes to the foundation.

“Melinda and I work hard all the time to make sure that money goes to help those most in need.”

He said he was in favour of raising inheritance tax. In the US, parents can leave almost £9million to their heirs without being subject to tax.

Gates also supported calls for more clarity about the taxes paid by technology giants so it is easier to see whether the amounts handed over are fair.

“In terms of corporate tax, if people want to collect more from different types of companies, then we need to change the law,” he said.

His comments came as he and his wife published their annual letter setting out their main concerns about the world. They highlighted how nationalism was endangering global co-operation on important health issues.

The couple were first spurred into philanthropy after reading in a newspaper about hundreds of thousands of children dying of diarrhoea in poor parts of the world.| Daily Mail