Bill Gates vows to donate almost all his wealth, to shut down foundation

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In a blog post on Thursday, Gates announced his decision to retain just 1% of his wealth, amounting to roughly $1.6 billion, while the remaining funds will be distributed to philanthropic efforts globally.

“There are too many urgent problems to solve for me to hold onto resources that could be used to help people,” Gates wrote. “That is why I have decided to give my money back to society much faster than I had originally planned. I will give away virtually all my wealth through the Gates Foundation over the next 20 years to the cause of saving and improving lives around the world. And on December 31, 2045, the foundation will close its doors permanently.”

The Microsoft co-founder revealed that he plans to donate 99% of his wealth by 2045, leaving a fraction of it for his family.

Gates and his former spouse, Melinda French, launched the Gates Foundation in 2000, and it has since contributed over $100 billion to initiatives in global health, education, poverty reduction, vaccine development, medical research, and emergency relief.

“This is a change from our original plans. When Melinda and I started the Gates Foundation in 2000, we included a clause in the foundation’s very first charter: The organisation would sunset several decades after our deaths. A few years ago, I began to rethink that approach,” Gates explained.

With support from the foundation’s board, he now believes a shorter timeline will allow the foundation to achieve its goals. Gates emphasized that key investments and strengthened partnerships will accelerate progress.

Reflecting on the foundation’s impact over the years, Gates said, “I am deeply proud of what we have accomplished in our first 25 years.”

He pointed to the foundation’s role in creating Gavi and the Global Fund, which revolutionized how lifesaving tools, such as vaccines and anti-retrovirals, are distributed. Together, these two organizations have saved over 80 million lives to date. He also highlighted the foundation’s pivotal role in combating polio, supporting the development of a new rotavirus vaccine, and cutting childhood deaths from diarrhea by 75%.