Billionaire philanthropist and Microsoft co-founder Bill Gates has announced plans to give away nearly all of his $200 billion wealth, retaining only 1% for himself and his family.
Over the next 20 years, he will donate the vast majority of his fortune through the Bill and Melinda Gates Foundation, which will close its doors permanently by December 31, 2045.
Gates’ philanthropic efforts have already made a significant impact, with the foundation spending over $100 billion on global health, education, and poverty alleviation since its inception in 2000.
The foundation has been instrumental in funding vaccine development, medical research, and emergency aid worldwide.
Notable achievements include saving over 80 million lives through partnerships like Gavi and the Global Fund, and reducing child deaths from diarrhea by 75% through the development of a rotavirus vaccine.
Despite criticism that Gates holds too much influence over global health funding decisions, he remains committed to his philanthropic work.
Gates believes that 20 years is the right timeframe to maximise the foundation’s impact while providing sufficient notice for the eventual closure.
Writing on his Gates foundation blog, he wrote in part: “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 added, “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.
“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.
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“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 diarrhoea 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.
“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 added.
