Billionaire philanthropist Bill Gates has announced plans to donate almost all of his $200bn fortune. He will keep just one per cent for himself. He also confirmed that the Bill and Melinda Gates Foundation will shut down by December 31, 2045.
The Microsoft co-founder shared the news in a personal blog post on Thursday. He emphasized that wealth should be used to solve urgent global challenges rather than accumulated.
“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,” he wrote.
A Shift in Plans
Gates explained that the foundation had initially planned to continue decades after his passing. However, recent discussions convinced him that a more aggressive approach was necessary.
“There are too many urgent problems to solve for me to hold onto resources that could be used to help people,” he stated.
A chart included in the blog post revealed that he intends to give away 99% of his wealth by 2045, leaving just $1.6bn for himself and his family.
The Gates Foundation, which he founded with his ex-wife Melinda French Gates in 2000, has contributed over $100bn to global health, education, and poverty alleviation. It has funded vaccine research, medical aid, and emergency relief efforts worldwide.
Legacy and Impact
Bill Gates highlighted major achievements of the foundation, including partnerships with Gavi and the Global Fund, which have saved over 80 million lives. He also noted collaborations to combat diseases like polio and rotavirus.
“We supported the creation of a new vaccine for rotavirus that has helped reduce the number of children who die from diarrhea each year by 75%,” Gates wrote.
Despite these accomplishments, some critics argue that Gates holds too much influence over global health funding. He responded in an interview with the Associated Press, saying he has the right to choose how his money is spent.
“I think 20 years is the right balance between giving as much as we can to make progress on these things and giving people a lot of notice that now this money will be gone,” he remarked.
His remaining fortune may go to his three children: Phoebe, Rory, and Jennifer.
The Bill and Melinda Gates Foundation was founded in 2000 by Bill Gates and Melinda French Gates. Initially, it was formed as the William H. Gates Foundation in 1994, but it was later renamed and restructured in 2000. It then became known as the Bill and Melinda Gates Foundation we know today.
The foundation’s primary goals are to enhance healthcare and reduce extreme poverty worldwide. They also work to expand educational opportunities and access to information technology in the United States. With an endowment of approximately $75.2 billion as of December 2023, it’s one of the largest charitable foundations globally.
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