Billionaire philanthropist and Microsoft co-founder Bill Gates has announced plans to donate nearly his entire fortune—approximately $200 billion—retaining only one per cent for personal use, as he sets a closure date for the Bill and Melinda Gates Foundation.
In a blog post published Thursday on Gates Notes, his personal platform, Gates revealed that the renowned philanthropic organisation will cease operations on December 31, 2045.
Widely regarded as one of the most impactful charitable entities in the world, the foundation has played a pivotal role in addressing global health, education, and poverty.
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“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.
“There are too many urgent problems to solve for me to hold onto resources that could be used to help people,” he said.
He further elaborated on his decision: “That is why I have decided to give my money back to society much faster than I had originally planned. I will give away virtually all my wealth through the Gates Foundation over the next 20 years to the cause of saving and improving lives around the world. And on December 31, 2045, the foundation will close its doors permanently.”
Accompanying the blog post was a visual breakdown showing that 99 per cent of Gates’ wealth is expected to be distributed by the time the foundation shuts down. That would leave him and his family with roughly $1.6 billion.
Co-established in 2000 with his former spouse Melinda French Gates, the foundation has invested over $100 billion in initiatives ranging from vaccine development and medical research to educational support and poverty reduction across the globe.
Gates acknowledged that this marks a deviation from the foundation’s original exit strategy.
“This is a change from our original plans. When Melinda and I started the Gates Foundation in 2000, we included a clause in the foundation’s very first charter: The organisation would sunset several decades after our deaths. A few years ago, I began to rethink that approach.
“More recently, with the input from our board, 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,” he stated.
According to Daily Mail, the one per cent of wealth Gates plans to retain may ultimately benefit his three adult children: Phoebe, Rory, and Jennifer.
Reflecting on the organisation’s legacy, he shared his pride in its accomplishments: “I am deeply proud of what we have accomplished in our first 25 years.
“We were central to the creation of Gavi and the Global Fund, both of which transformed the way the world procures and delivers lifesaving tools like vaccines and anti-retrovirals. Together, these two groups have saved more than 80 million lives so far. Along with Rotary International, we have been a key partner in reviving the effort to eradicate polio.
“We supported the creation of a new vaccine for rotavirus that has helped reduce the number of children who die from diarrhea each year by 75 percent. Every step of the way, we brought together other foundations, non-profits, governments, multilateral agencies, and the private sector as partners to solve big problems—as we will continue to do for the next twenty years.”
While the Gates Foundation has been widely praised for its impact, it has also faced criticism from those who believe Gates exerts disproportionate influence over international public health priorities.
Nevertheless, Gates defended his approach in a Thursday interview with the Associated Press, stating that he, like any individual, is entitled to decide how his personal wealth is used.
“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,” he said.
Breakingng.com recalls that Bill and his wife, Melinda got divorced in 2021 after 27 years of marriage.
