Billionaire philanthropist Bill Gates has announced plans to give away nearly all of his $200 billion wealth, leaving only 1% for himself.
The Microsoft co-founder revealed that he intends to shut down the Bill and Melinda Gates Foundation by December 31, 2045.
In a blog post on Gates Notes, Gates explained that he will accelerate the distribution of his fortune, directing nearly all of it to charitable causes aimed at improving lives and advancing global health.
“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 wrote.
“There are far too many pressing problems to solve for me to hold on to resources that could help those in need.”
Gates further clarified that he plans to give away 99% of his wealth through the foundation over the next 20 years.
He shared a chart in his blog post, which shows that by 2045, he will leave around $1.6 billion for himself and his family, donating the remaining $198.4 billion to the foundation’s initiatives.
The Bill and Melinda Gates Foundation, founded in 2000 with his ex-wife Melinda French Gates, has spent over $100 billion addressing issues such as global health, poverty, and education.
Its work has funded vaccine development, medical research, and emergency humanitarian aid across the world.
Gates noted that this move represents a departure from the original plans for the foundation.
Initially, the foundation’s charter stipulated that it would continue for decades after their deaths.
However, after re-evaluating the timeline, Gates now believes the foundation can achieve its mission more quickly, especially with a renewed focus on critical investments and strengthened partnerships.
“After discussions with our board, I now believe that we can accomplish our goals in a shorter period,” he said.
“By doubling down on key investments, we can provide greater certainty for our partners and accelerate progress.”
The remaining 1% of his fortune, which amounts to about $1.6 billion, is expected to be passed on to Gates’ three children: Phoebe, Rory, and Jennifer.
Reflecting on the foundation’s accomplishments, Gates expressed pride in its achievements over the past 25 years, including its instrumental role in creating Gavi and the Global Fund.
These initiatives have saved over 80 million lives through vaccines and anti-retroviral treatments.
The foundation has also worked with Rotary International to advance the fight to eradicate polio and has contributed to developing a rotavirus vaccine that has significantly reduced childhood deaths from diarrhea.
Despite the foundation’s success, it has faced criticism over Gates’ level of influence in global health funding.
However, Gates defended his decisions in a recent interview with the Associated Press, asserting that as a private citizen, he has the right to determine how his wealth is allocated.
“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,” he said.