In a landmark announcement, Bill Gates, co-founder of Microsoft and one of the world’s most prominent philanthropists, revealed plans to give away 99% of his estimated $108 billion fortune through the Bill and Melinda Gates Foundation, which will cease operations by December 31, 2045. The decision, announced on the foundation’s 25th anniversary, marks a significant escalation in Gates’ commitment to global philanthropy.
The Gates Foundation, established in 2000, plans to disburse over $200 billion over the next two decades to address global health, poverty, and education challenges. This figure includes Gates’ personal contributions, the foundation’s current $75.2 billion endowment, and anticipated investment growth. The foundation has already spent more than $100 billion since its inception, impacting millions through initiatives like vaccine distribution and poverty alleviation.
Gates, whose net worth is estimated at $108 billion by Forbes and up to $168 billion by Bloomberg, intends to retain approximately 1% of his wealth for personal use and to provide for his three children, emphasizing his belief that large inheritances are a “mistake.” The closure of the foundation, originally set to occur 20 years after Gates’ death, has been accelerated to align with his goal of addressing urgent global issues within a defined timeline.
The announcement has sparked discussions about the future of philanthropy, with Gates expressing hope that other billionaires will follow suit. He also voiced concerns about potential reductions in U.S. foreign aid, urging continued investment in global health and development.
This strategic shift underscores Gates’ legacy as a co-founder of the Giving Pledge, alongside Warren Buffett and Melinda French Gates, encouraging billionaires to donate the majority of their wealth. Stakeholders can expect the Gates Foundation to intensify its impact over the next 20 years, setting a precedent for transformative philanthropy.
