People of the Year: Bill and Melinda Gates

ByABC News
December 29, 2005, 4:59 PM

Dec. 29, 2005 — -- Microsoft founder Bill Gates revolutionized the computer industry. Now he and his wife, Melinda, have done the same for the world of philanthropy.

"The greatest inequity in the world is that children are dying whose lives could be saved for a few hundred dollars. And that should be changed," said Bill.

Added Melinda: "If you take just some of the basic medicines we have here -- the vaccinations that we have, we so take for granted for our children -- measles, hepatitis B, and you take those to Africa, you can change a child's life."

They are giving away money faster than anyone ever has before. And by the end of this year, they will have given away more than one-third of their net worth. Through the Gates Foundation, they dedicate much of their lives to helping the world's neediest.

"They get very engaged in grant proposals and a little geeky," said Stacy Palmer, editor of The Chronicle of Philanthropy. "They really read them, they care about them, they read the science journals, they will question the scientist and they probably know more about [the topic] than some of the experts in the field."

The couple travels to the places where their money is making a difference.

"Getting out to India, to Africa -- that's critical for me to make sure my foundation is doing effective work and renews my commitment to take all the wealth I have and make sure it goes back to causes like world health," said Bill.

This year the Gates Foundation donated more than $1 billion to malaria immunization, HIV/AIDS prevention, education and other causes. The foundation receives 140 grant requests a day.

"It's neat in terms of giving all this money back ... I've been, maybe, the luckiest person and help the people who have been unlucky to have better lives," said Bill.

On the eve of their wedding 11 years ago, Bill's mother wrote Melinda a letter, saying that with great wealth comes great responsibility. Melinda says that set them on the philanthropic road. They now teach that lesson to their three children.

"When we go to Africa, what are we doing there? Taking blankets to children, taking medicines to children," said Melinda. "That's already ingrained in our children. We talk a lot in our household about that we have a responsibility as a family to give back to the world."

ABC News' Bob Woodruff filed this report for "World News Tonight."