Bill Gates, the Microsoft co-founder and billionaire philanthropist, has announced his commitment to donate nearly all of his $200 billion fortune, leaving only 1% for personal use.
In a blog post on his platform, Gates revealed his plan to close the Bill and Melinda Gates Foundation by December 31, 2045, and accelerate the distribution of his wealth to charitable causes focused on global health and poverty alleviation.
“When I pass away, people may say many things about me, but I’m determined that ‘he died rich’ will not be one of them,” Gates stated. “There are far too many pressing issues that need solving for me to hold on to resources that could help those in need.”
Gates outlined that over the next 20 years, he will donate 99% of his wealth, amounting to $198.4 billion, to the foundation’s initiatives. He clarified that by 2045, he intends to retain $1.6 billion for himself and his family, with the rest going to global charitable causes.
Founded in 2000 with his ex-wife Melinda French Gates, the Bill and Melinda Gates Foundation has already spent over $100 billion in addressing critical issues like global health, poverty, and education. It has been instrumental in funding vaccine development, medical research, and providing emergency humanitarian aid worldwide.
While the foundation’s original plan was to continue its operations for decades after their deaths, Gates now believes the foundation can fulfill its mission more swiftly. This change in direction comes after further discussions with the board, with Gates now focusing on strategic investments and partnerships to accelerate the foundation’s goals.
He noted, “By doubling down on key investments, we can provide greater certainty for our partners and accelerate progress.”
The remaining 1% of Gates’ fortune, approximately $1.6 billion, will be passed on to his three children: Phoebe, Rory, and Jennifer.
Reflecting on the foundation’s achievements, Gates expressed pride in its role in creating Gavi and the Global Fund, initiatives that have saved over 80 million lives through vaccines and anti-retroviral treatments. The foundation has also contributed significantly to the fight against polio and the development of a rotavirus vaccine, which has reduced childhood deaths from diarrhea.
Despite facing criticism over his influence in global health funding, Gates defended his right to direct his wealth as a private citizen, stating, “I believe that 20 years is the right amount of time to make a significant impact and give people ample notice that the funding will eventually come to an end.”
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