Bill Gates, the co-founder of Microsoft, has announced that he will give away 99% of his fortune—over $100 billion—to the Bill & Melinda Gates Foundation. He also shared that the foundation will close on December 31, 2045. Earlier, the plan was to shut it down 20 years after his death, but now he wants to speed it up.
Gates’s promise is one of the largest in history. It may only be second to Warren Buffett, who has pledged to donate around $160 billion depending on the economy.
In an interview, Gates said he is thrilled to have so much money to help important causes around the world.
In a blog post, Gates said he doesn’t want to hold on to wealth when there are so many serious problems to solve. That’s why he wants to give back to society faster than he had originally planned.
The foundation has already spent over $100 billion. Now, Gates plans to spend another $200 billion in the next 20 years. The focus will be on health, fighting diseases, saving mothers and children, and helping people escape poverty.
Gates listed three key goals: stop preventable deaths among mothers and children, wipe out diseases like malaria and measles, and lift millions out of poverty.
Gates said the foundation believes that your place of birth should not decide your future. He believes they can reach their goals sooner by focusing their money and efforts on the most effective programs.
Gates and his then-wife Melinda started the foundation in 2000. It has become one of the most powerful charities in the world, especially in health and medicine. After their divorce in 2021, Melinda began her own charity work.
Warren Buffett, another major donor to the foundation, recently said his remaining money will go to a trust run by his children.
Buffett donated around 41% of the foundation’s funds. The rest came from Gates’s Microsoft earnings. Gates said Buffett has had a big influence on him.
The foundation will keep a yearly budget of $9 billion until it closes. CEO Mark Suzman said they will now focus on fewer but more effective projects to make a bigger impact.
Gates made this announcement as several wealthy countries are cutting back on foreign aid. He warned that this could hurt global health progress. He pointed out recent cuts by the US, UK, and France.
Gates criticized Elon Musk for supporting foreign aid cuts. He said it was wrong for the world’s richest man to support actions that could harm the world’s poorest children.
Even with these challenges, Gates believes his foundation can still make a big difference. He hopes others will do even more to help people around the world.
Gates ended by saying that people may say many things about him after he dies, but he does not want “he died rich” to be one of them.
