Billionaire philanthropist Bill Gates has revealed plans to donate nearly all of his $200 billion fortune, leaving just one per cent for himself, as he prepares to wind down the Bill and Melinda Gates Foundation.
In a post on his personal blog, Gates Notes, the Microsoft co-founder explained that the foundation, one of the largest and most influential charitable organizations worldwide, will officially close by December 31, 2045.
“There will be many things said about me when I die, but I am determined that ‘he died rich’ will not be one of them,” Gates wrote on Thursday.
“There are far too many pressing issues that need attention for me to hold on to resources that could be better used to help others,” he added.
Gates emphasized that he intends to give away nearly all of his wealth much faster than originally planned.
“I will give away virtually all of my wealth through the Gates Foundation over the next 20 years to support efforts that save and improve lives globally,” he said, sharing a chart that outlined his goal to distribute 99% of his fortune by 2045, leaving just about $1.6 billion for himself and his family.
The Bill and Melinda Gates Foundation, founded in 2000 with his now ex-wife Melinda French Gates, has allocated over $100 billion toward global health, education, and poverty alleviation.
Their efforts have helped fund medical research, vaccine development, and emergency aid around the world.
Gates also acknowledged a shift in the foundation’s future plans. Initially, the foundation’s charter included a clause that it would continue for several decades after their deaths.
However, Gates now believes that the foundation can achieve its goals on a shorter timeline, particularly with increased focus on key investments and stronger collaboration with partners.
“In recent years, and with input from our board, I’ve come to believe we can accomplish the foundation’s objectives in a shorter time frame,” he explained.
“By doubling down on key investments, we can provide more certainty to our partners and accelerate progress.”
Despite his decision to give away the majority of his wealth, Gates still intends to leave one per cent of his fortune to his three adult children: Phoebe, Rory, and Jennifer.
Reflecting on the foundation’s accomplishments, Gates expressed pride in the work done so far.
He highlighted the foundation’s pivotal role in the creation of Gavi and the Global Fund, which have saved over 80 million lives by improving access to vaccines and medications.
He also noted their collaboration with Rotary International to fight polio and their efforts in reducing childhood deaths from diarrhea by developing a rotavirus vaccine.
While the Gates Foundation has had a significant impact, it has also faced criticism for the level of influence Gates has held over global health funding decisions.
However, Gates defended his actions in an interview with the Associated Press, asserting that, like any private citizen, he has the right to choose how to allocate his wealth.
“I believe 20 years is the right balance — we can make substantial progress in this time and give people ample notice that the funding will eventually be gone,” Gates said.
