In a significant shift in approach to philanthropy, Bill Gates has announced plans to distribute nearly all of his estimated $200 billion wealth within the next two decades, a move that marks a departure from the initial intentions for the Gates Foundation established with Melinda French Gates in 2000 to operate indefinitely. Gates aims to complete this distribution before the foundation’s planned closure on December 31, 2045.
Gates shared this announcement amid concerns regarding potential cuts to health and aid programs under the Trump administration, which he believes could hinder progress on critical global initiatives. His intention is to accelerate the foundation’s efforts in global health and equity, setting a precedent for other billionaires to engage in similar philanthropic efforts. Gates has emphasised the urgency of addressing pressing socio-economic issues, stating he prefers not to hold onto resources that could be used to benefit others.
Since its inception, the Gates Foundation has already committed over $100 billion to various causes, including developing vaccines and disease treatment methods. With renewed momentum following the pandemic, Gates’s latest announcement is framed as “the largest philanthropic commitment in modern history.”
Over the next 20 years, the Gates Foundation will primarily target three objectives: abolishing preventable maternal and infant deaths, eradicating infectious diseases, and alleviating global poverty. In recent comments, Gates expressed concern over stagnant global health trends and criticized fellow billionaire Elon Musk for his role in cutting international aid programs that support the world’s poorest.
Gates also reaffirmed his commitment to the Giving Pledge, which he co-launched in 2010 with Melinda and Warren Buffett, encouraging other wealthy individuals to donate most of their fortunes to charitable causes. He articulated a resolute desire to leave a legacy that reflects his philanthropic ethos rather than simply accumulating wealth.
Currently ranked the fifth richest person globally, Gates indicated that his net worth could see a dramatic reduction of 99% by 2045 as he channels much of it into philanthropy. His anticipated distribution will derive from the foundation’s $77 billion endowment and his investment income, including from his nuclear power venture, TerraPower.
The Gates Foundation’s mission continues to resonate as Gates celebrates Microsoft’s 50th anniversary, using this milestone to commit his resources towards philanthropic efforts that drive meaningful global change.