Bill Gates has announced his plan to donate almost all of his $200 billion fortune over the next 20 years, ending the foundation.
Bill Gates announced plans to donate nearly all of his fortune within the next two decades, marking a groundbreaking move.
Gates plans to distribute an estimated $200 billion by 2045, marking a major shift in his approach to wealth and legacy.
Gates announces shift in philanthropic strategy approach.
When Gates and his then-wife Melinda French Gates established the Gates Foundation in 2000, they envisioned its long-term continuation.
They planned for the foundation to carry on its mission using the wealth they would leave behind. However, Gates revealed that he no longer wants to wait to give away his fortune.
Instead, he plans to accelerate his philanthropy, distributing the majority of his wealth within the next 20 years.
The announcement, made on Thursday, coincides with a critical time for global health and other initiatives supported by the foundation.
This comes as the Trump administration pushes for cuts in essential public assistance programs.
“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,” Gates, who turns 70 later this year, wrote.
“There are too many urgent problems to solve for me to hold onto resources that could be used to help people.”
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Gates said his decision to give away most of his wealth is meant to inspire other billionaires to follow suit.
In a blog post, he explained that his plan is meant to serve as a model.
It encourages the wealthiest individuals to consider how they could use their resources to address global challenges like poverty, health, and inequality.
He further mentioned the Giving Pledge, which he, Melinda, and Warren Buffett launched in 2010, urging billionaires to commit to donating the majority of their wealth during their lifetimes or through their wills.
Gates remains committed to global health initiatives.
Over the years, the Gates Foundation has donated over $100 billion to global health initiatives, helping to combat diseases and improve healthcare systems.
The foundation’s efforts have included developing vaccines, diagnostic tools, and treatments to fight diseases such as malaria, polio, and HIV/AIDS.
With his new plan, Gates aims to focus the foundation’s efforts more intently on three key global issues.
These include reducing preventable deaths of mothers and children, eliminating infectious diseases, and lifting millions out of poverty.
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Gates referred to the new pledge as “the largest philanthropic commitment in modern history.”
With the wealth of the Gates Foundation’s endowment combined with Gates’ own assets, the foundation expects to allocate $200 billion in the coming years.
Gates has increased donations in recent years, especially after COVID-19, with this new commitment signaling a dramatic acceleration in global change efforts.
In his announcement, Gates expressed concern about the stagnation of global health progress, citing challenges in combating diseases and poverty.
He pointed out that the current global health landscape is at a critical juncture, requiring renewed efforts and resources.
Gates criticized Elon Musk’s stance on international aid, accusing him of harming efforts to assist the world’s poorest populations.
However, despite these challenges, Gates remains optimistic about the future.
He believes advancements in artificial intelligence (AI) could accelerate progress in healthcare, research, and poverty alleviation.
He views AI as a tool to amplify his philanthropic efforts, enabling faster and more efficient solutions to problems.
Gates’ net worth shapes his future legacy.
Gates, currently worth $108 billion, is ranked as the fifth wealthiest person in the world according to Bloomberg’s Billionaires Index.
By 2045, he expects his net worth to decrease by 99%, as most of his assets are dedicated to philanthropy.
The $200 billion he plans to distribute will come from both the Gates Foundation’s endowment and his own wealth.
This includes income from his ongoing investments, such as TerraPower, the nuclear energy company he founded.
On Microsoft’s 50th anniversary, Gates marked it as the right time to commit to giving away his company-earned wealth.
The decision highlights his desire to leave a lasting legacy focused on improving the lives of others beyond business ventures.