Bill Gates Pledges to Give Away Nearly All His Wealth and Wind Down Gates Foundation by 2045

 

Bill Gates Pledges to Give Away Nearly All His Wealth and Wind Down Gates Foundation by 2045

A statement from the wealthy donor, he will not delay donating his wealth until after his death.

The goal of the Gates Foundation, a charity which was founded in 2000 by Bill and Melinda French Gates, was to continue funding global health and equity initiatives for many years beyond their passing. However, in an important shift, Bill Gates now states that he intends to shutter the foundation by December 31, 2045, and donate "virtually all" of his fortune, which is estimated to be over $200 billion, within the next 20 years.

A Shift Toward Urgency in Philanthropy

In a blog post published on Thursday, Gates made the announcement, stating that he no longer saw the need to wait. The 69-year-old Microsoft co-founder is stepping up his charitable endeavors in the face of growing global issues and dwindling government funding for initiatives that aid the most vulnerable people on the planet.

Gates wrote, "When I die, people will say a lot of things about me." However, I'm adamant that "he died rich" won't be one of them. I can't afford to hoard resources that could be used to assist others since I have too many pressing issues to handle.

Responding to Global Challenges

Gates' statement comes at a time when the U.S. government is making significant cuts to social programs, health care, and international aid—areas in which the Gates Foundation has traditionally intervened. Gates underlined that this action is intended to guarantee that vital work in poverty alleviation, disease eradication, and global health can go on even in the face of declining public support.

Setting a New Standard for Billionaire Giving

Gates's longstanding commitment to philanthropy is boosted by the announcement. Along with Warren Buffett and Margaret French Gates, he co-founded the Pledge to Give in 2010, which seeks to convince the richest people in the world to donate the majority of their wealth. The effort has attracted more than 240 signatures.

Instead of waiting until after death, Gates now believes that this daring move will motivate additional billionaires to make donations while they are still alive.

The Largest Philanthropic Commitment in Modern History

The donation is the "largest charity commitment in modern history," according to the Gates Foundation. Since its founding, the foundation, which is already among the most powerful charitable groups in the world, has given over $100 billion, supporting efforts to fight poverty, treat diseases, and create medicines all around the world.

The charity will give preference to three main objectives during the next 20 years:

Preventing mothers' and babies' avoidable deaths

Eliminating fatal infectious illnesses

Reducing the acute poverty of hundreds of millions of people

AI and Innovation Could Accelerate Global Progress

Gates voiced hope for the future despite obstacles, particularly on the potential contribution of cutting-edge technology like artificial intelligence. He thinks that strategic philanthropy and AI may greatly accelerate the advancement of global development and health.

A Wealth Reduction of 99% by 2045

According to the publication's Billionaires Index, Gates is at present the fifth richest person in the world, with a total assets value of $108 billion. However, he expects a 99% decline in his net worth by 2045 as a result of this new commitment.

The $200 billion in projected donations will come from Gates' own holdings, such as businesses like TerraPower, a nuclear energy company he developed, and the $77 billion foundation of the Gates Foundation.

Melinda French Gates Takes a Different Philanthropic Path

Following the couple's divorce in 2021, Melinda French Gates departed the foundation in 2022. She has openly said that she will not donate the majority of her income through the Gates Foundation, despite her continued commitment to philanthropic efforts.

Marking Microsoft’s 50th Anniversary with a Legacy of Giving

Gates made the statement a few weeks after Microsoft, which is currently worth over $3 trillion, commemorated its 50th birthday. "It feels right that I celebrate the milestone by committing to give away the resources I earned through the company," Gates wrote, reflecting on his path.