Bill Gates, the billionaire co-founder of Microsoft, revealed his ambitious plan to donate almost all of his $200 billion fortune, leaving just 1% for himself. The announcement was made in a post on his personal blog, Gates Notes, on Thursday, where he also disclosed that he would shut down the Bill and Melinda Gates Foundation by 2045.
The foundation, which has become one of the world’s most influential charitable organizations, will no longer operate after December 31, 2045. Gates, who has spent decades using his wealth to tackle issues like global health and poverty, said he plans to give away 99% of his fortune before the organization closes.
“People will say a lot of things about me when I die, but I am determined that ‘he died rich’ will not be one of them,” Gates wrote on his blog. “There are too many urgent problems to solve for me to hold onto resources that could be used to help people.”
He explained that this decision came after a shift in his thinking. Initially, when he and his ex-wife, Melinda French Gates, founded the Bill and Melinda Gates Foundation in 2000, they included a plan for the foundation to operate for several decades after their deaths. However, Gates noted that after rethinking the approach, he believes the organization can accomplish its goals much sooner, especially with increased investments and stronger partnerships.
“I now believe we can achieve the foundation’s goals on a shorter timeline, especially if we double down on key investments and provide more certainty to our partners,” Gates added.
The $200 billion fortune will be used to fund a variety of causes aimed at improving lives across the globe, from eradicating diseases to boosting education and supporting poverty alleviation efforts. Gates emphasized that he intends to allocate the majority of his wealth towards these initiatives over the next 20 years.
Notably, Gates shared that the remaining 1% of his fortune, which amounts to around $1.6 billion, would likely be kept for his three adult children—Phoebe, Rory, and Jennifer.
Throughout the Gates Foundation’s 25-year history, it has contributed over $100 billion to global health, educational projects, and poverty relief. The organization has been instrumental in funding vaccine research and development, tackling malnutrition, and supporting emergency aid efforts worldwide.
Among its most notable accomplishments are the creation of Gavi and the Global Fund, which together have saved more than 80 million lives. The foundation has also partnered with Rotary International to work towards eradicating polio and developed a rotavirus vaccine that has significantly reduced child deaths from diarrhea.
Despite the foundation’s successes, some critics argue that Gates’ influence over global health funding has been excessive.
However, Gates stands by his approach, stating, “I think 20 years is the right balance between giving as much as we can to make progress on these things and giving people a lot of notice that now this money will be gone.”
