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Bill Gates announced plans to donate nearly all of his estimated $200 billion fortune within the next 20 years and close the Gates Foundation by December 31, 2045. The Microsoft founder aims to accelerate the foundation's work on global health and equity initiatives, inspired by the impact of its efforts in distributing vaccines and addressing poverty.
Gates, who turns 70 later this year, revealed his intentions in a blog post, emphasizing his desire not to die wealthy. "There are too many urgent problems to solve for me to hold onto resources that could be used to help people," he wrote. The foundation, one of the largest philanthropies globally, has already donated over $100 billion since its inception in 2000, focusing on issues like disease eradication and poverty alleviation.
The decision comes amid concerns about reduced global aid and humanitarian funding due to conflicts in Ukraine and Israel. Despite these challenges, Gates remains optimistic about the role of advancements in artificial intelligence in enhancing progress. His , including the Giving Pledge, which encourages wealthy individuals to donate most of their wealth.
The foundation's funds will come from its existing $77 billion endowment and Gates' personal wealth, including business investments. While Gates' net worth will decrease by 99% by 2045, he humorously mentioned saving enough for hamburgers. The foundation's announcement was described as the "largest philanthropic commitment in modern history."