I don't want to die rich…: Bill Gates will give away 99% of his wealth
Bill Gates
In a significant philanthropic move,
Bill Gates
, co-founder of Microsoft and one of the world's wealthiest individuals, has announced plans to donate 99% of his estimated $200 billion fortune by the end of 2045. This decision includes the closure of the
Bill & Melinda Gates Foundation
, one of the most influential charitable organizations globally, by December 31, 2045.
Gates emphasised his commitment to addressing urgent global challenges and ensuring that his wealth contributes to improving lives worldwide.
Bill Gates sets 2045 deadline to donate 99% of wealth
Initially, the
Gates Foundation
was intended to operate several decades beyond the deaths of its founders. However, Gates has revised this plan, opting for a more immediate impact. He stated,
"I have decided to give my money back to society much faster than I had originally planned."
Over the next two decades, the foundation aims to double its giving, allocating over $200 billion to various global initiatives.
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(Image source: The Gates Notes)
Gates Foundation targets global health, poverty, and education in final 20 years
The Gates Foundation's future efforts will concentrate on several critical areas:
Global health
: Continuing the fight against diseases such as polio, malaria, and measles, and supporting vaccine development and distribution.
Poverty alleviation
: Implementing programs to reduce poverty through education, nutrition, and access to healthcare.
Maternal and child health
: Aiming to end preventable deaths among mothers and children by improving healthcare services and access.
Education
: Enhancing educational opportunities and outcomes, particularly in underserved communities.
These focus areas reflect the foundation's commitment to addressing some of the most pressing issues facing humanity today.
(Image source: The Gates Notes)
Financial commitments and contributions
Since its inception in 2000, the Gates Foundation has donated over $100 billion to various causes. The planned $200 billion in future donations represents a significant increase in philanthropic investment.
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This funding will be sourced from Gates's personal wealth and the foundation's endowment, which includes contributions from other philanthropists such as Warren Buffett.
Organizational changes and leadership
In 2024, Melinda French Gates resigned from her role as co-chair of the foundation, leading to its rebranding as the Gates Foundation, with Bill Gates serving as the sole chairman. This leadership change aligns with the foundation's new strategic direction and accelerated timeline for impact.
Addressing global aid reductions
Gates has expressed concern over recent reductions in foreign aid by governments, including the United States, the United Kingdom, and France. He criticized these cuts, emphasizing that philanthropy cannot replace government aid and warning of potential setbacks in global health progress.
Legacy and future outlook
Gates's decision to give away the majority of his wealth is influenced by the philosophy of Andrew Carnegie, who believed that "the man who dies thus rich dies disgraced." By accelerating his philanthropic efforts, Gates aims to make a substantial impact on global challenges within his lifetime. The closure of the Gates Foundation by 2045 marks a significant shift in philanthropic strategy, focusing on immediate and measurable outcomes.
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