Bill Gates has announced plans to give away nearly all of his $168 billion fortune and close the Bill & Melinda Gates Foundation by 2045. In a blog post, Gates, 69, expressed his determination to avoid being remembered as someone who “died rich,” emphasizing the importance of addressing global challenges that require significant resources. The Microsoft co-founder has long committed to using his wealth for philanthropy, and he now seeks to accelerate the Foundation’s mission before it closes its doors in two decades. Since its inception in 2000, the Gates Foundation has donated more than $100 billion to fight poverty, disease, and climate change, with a focus on expanding access to education and healthcare.
Gates aims to double this total by 2045, with plans to increase the Foundation’s annual budget from $6 billion to $9 billion, depending on inflation and market conditions. His goals for the coming years include reducing preventable deaths among mothers and young children, eradicating diseases like polio and malaria, and supporting agricultural and educational advancements in African nations to help lift people out of poverty. However, Gates also acknowledged the challenges in meeting these goals without government support, noting that many governments, especially the U.S., have been significantly reducing global aid.
Gates also expressed concern about the growing gap in global funding for development initiatives, stating that no philanthropic organization, even one as large as the Gates Foundation, can replace the funding lost through government cuts. He stressed the need for continued commitment from the world’s wealthiest countries to support global development.
His philanthropy is deeply influenced by his mother, who instilled in him the belief that wealth should be used to help others. Gates also drew inspiration from Warren Buffett, who has donated billions to charity and has committed to giving away the vast majority of his fortune. Gates co-founded the Giving Pledge with Buffett in 2010, encouraging other billionaires to pledge most of their wealth to charity.
Looking to the future, Gates remains optimistic about global progress, particularly through advancements in technology and healthcare. He hopes that his accelerated philanthropic efforts can help tackle the world’s most pressing problems before his Foundation concludes its work in 2045.
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