Billionaire philanthropist and Microsoft co-founder Bill Gates has announced his intention to give away 99 per cent of his $200 billion fortune and close the Bill and Melinda Gates Foundation by the end of 2045.
Gates made this revelation in a post published Thursday on his personal blog, Gates Notes. In the heartfelt message, he stated that only one per cent of his wealth, estimated at $1.6 billion, would be retained for personal and family use.
“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. “There are too many urgent problems to solve for me to hold onto resources that could be used to help people.”
Founded in 2000 with his former wife, Melinda French Gates, the Gates Foundation has spent over $100 billion tackling global health crises, advancing education, and fighting poverty. Notable achievements include the development and distribution of life-saving vaccines, the creation of Gavi and the Global Fund, and significant contributions toward the eradication of polio and rotavirus-related child deaths.
Gates explained that this new direction marks a departure from the foundation’s original plan, which intended for the organisation to continue operating for decades after his and Melinda’s passing. “More recently, with input from our board, I now believe we can achieve the foundation’s goals on a shorter timeline,” he said.
He added that accelerating the timeline would provide partners with greater clarity and allow the foundation to intensify its impact. “I will give away virtually all my wealth through the Gates Foundation over the next 20 years,” he affirmed, setting December 31, 2045, as the foundation’s official sunset date.
In an interview with the Associated Press, Gates defended his decision, stating, “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.”
Though the foundation has garnered widespread praise, it has also faced criticism over Gates’ influence on global health policy. Nonetheless, the philanthropist remains unapologetic, emphasizing his right to determine how his wealth is used.
Daily Mail reports that the remaining one per cent of Gates’ fortune may eventually go to his three adult children—Phoebe, Rory, and Jennifer.
“I am deeply proud of what we have accomplished in our first 25 years,” Gates said, reflecting on the foundation’s legacy. “And we will continue to work with partners around the world to tackle the big challenges—until our very last day.”
