Bill Gates Explains How AI Will Transform People's Lives In Next 5 Years

Microsoft co-founder and billionaire Bill Gates has said that rise of artificial intelligence (AI) will be transformative for people in the next five years. Speaking to CNN, he added that there is no need to be scared of the latest technology as it will create new opportunities. The comment comes days after International Monetary Fund (IMF) chief Kristalina Georgieva said that AI will affect 60 per cent of jobs in advanced economies and 40 per cent across the globe.

Mr Gates sought to play down those fears saying with every new technology comes fear and then new opportunity.

"As we had with agricultural productivity in 1900, people were like 'Hey, what are people going to do?' In fact, a lot of new things, a lot of new job categories were created and we're way better off than when everybody was doing farm work. This will be like that," Mr Gates told the outlet on Tuesday.

AI will also make people's lives easier, he said, giving example of the doctors and saying it can help them do their paperwork.

"Since there's isn't a need for much new hardware, accessing AI will be over the phone or the PC you already have connected over the internet connection you already have," said the billionaire.

Mr Gates has a fortune of $140 billion, making him the fourth richest person in the world, according to Bloomberg Billionaires Index. Decades ago, he committed to give away all his wealth, losing the crown of the world's richest person.

And he isn't worried.

"I have more than enough money for my own consumption," Mr Gates said about his philanthropic efforts. "I'm getting myself to go down the list, and I'll be proud when I fall off altogether."

The Microsoft cofounder and his ex-wife, Melinda French Gates, have both pledged to donate the vast majority of their wealth to the foundation they established together 20 years ago, as well as to other philanthropic endeavours.

At a rate of $9 billion a year, Mr Gates anticipates he'll have given away all of his money in about 20 years.