Billionaire philanthropist Bill Gates has announced plans to give away nearly all of his $200 billion wealth, retaining only 1% for himself. In a blog post on Gates Notes, he stated that the Bill and Melinda Gates Foundation will close its doors by December 31, 2045, after achieving its goals.
“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,” Gates said. “There are too many urgent problems to solve for me to hold onto resources that could be used to help people.” He plans to give away 99% of his wealth by 2045, leaving approximately $1.6 billion for himself and his family.
The Bill and Melinda Gates Foundation, founded in 2000, has spent over $100 billion on global health, education, and poverty alleviation. Gates expressed pride in the foundation’s achievements, including saving over 80 million lives through Gavi and the Global Fund, and supporting the creation of a new vaccine for rotavirus.
Gates noted a shift from the original plan, stating that the foundation will achieve its goals on a shorter timeline. “More recently, with input from our board, I now believe we can achieve the foundation’s goals on a shorter timeline, especially if we double down on key investments and provide more certainty to our partners,” he said.
The foundation’s closure has sparked discussion, with some criticizing Gates’ influence over global health funding decisions. However, Gates remains unapologetic, saying, “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.”
Quote Highlights
- “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.”
- “There are too many urgent problems to solve for me to hold onto resources that could be used to help people.”
- “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.”
- “We were central to the creation of Gavi and the Global Fund, both of which transformed the way the world procures and delivers lifesaving tools like vaccines and anti-retrovirals.”