IMPACT
09/20/2013 06:24 pm ET

Bill Gates Told To Invest In Startups Over Donating To Charity, Reminded Everyone Has Opinion On His Money

Scott McNealy says he isn't really in the business of telling rich people how to spend their money -- but he's doing it anyway.

The chairman of Wayin and the co-founder of Sun Microsystem said on Squawk Box that wealthy people such as Bill Gates should fund startups and create jobs instead of giving to charity.

"The only way to fight poverty is with employment," he said. "Trillions of dollars have been given to charity in the last 50 years, and they don't solve anything."

McNealy has actually supported Gates efforts to eradicate polio and provide solutions for improve global agriculture.

The Gates Foundation does employ impact investing to fund businesses it believes can provide a financial return while also tackling social issues.

Forbes just named Gates as America's richest person for the 20th straight year. His net worth is $72 billion, up from $66 billion a year ago.

Buffett ranked second, earning $58.5 billion up from $6 billion last year.

The Richest People In America: Forbes
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