Omotayo Adigun
Billionaire philanthropist and Microsoft co-founder Bill Gates has announced his intention to donate nearly his entire $200 billion fortune, reserving only one percent for himself and his family.
In a significant declaration made on his personal blog, Gates Notes on Thursday, he also revealed that the Bill and Melinda Gates Foundation, a globally influential charitable organization, will cease operations by December 31, 2045.
Gates articulated his determination to utilize his wealth for urgent global issues, stating,
“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.”
He further elaborated on his accelerated philanthropic timeline:
“That is why I have decided to give my money back to society much faster than I had originally planned. 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. And on December 31, 2045, the foundation will close its doors permanently.”
A chart shared on his blog post illustrated Gates’ plan to donate 99 percent of his wealth by the 2045 deadline, leaving approximately $1.6 billion, or one percent, for his personal use and that of his family.
Established in 2000 with his former wife, Melinda French Gates, the foundation has been a monumental force in global philanthropy, disbursing over $100 billion towards initiatives in global health, education, and poverty alleviation. Its contributions have been pivotal in funding vaccine development, advancing medical research, and providing critical emergency aid worldwide.
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Gates noted a shift from the foundation’s initial long-term vision.
“This is a change from our original plans. When Melinda and I started the Gates Foundation in 2000, we included a clause in the foundation’s very first charter: The organisation would sunset several decades after our deaths. A few years ago, I began to rethink that approach. More recently, with the 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.”
According to reports, the remaining one percent of his wealth may eventually be allocated to his three adult children: Phoebe, Rory, and Jennifer.
Reflecting on the foundation’s accomplishments over the past 25 years, Gates expressed deep pride.
“I am deeply proud of what we have accomplished in our first 25 years. 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. Together, these two groups have saved more than 80 million lives so far. Along with Rotary International, we have been a key partner in reviving the effort to eradicate polio. We supported the creation of a new vaccine for rotavirus that has helped reduce the number of children who die from diarrhea each year by 75 percent. Every step of the way, we brought together other foundations, non-profits, governments, multilateral agencies, and the private sector as partners to solve big problems—as we will continue to do for the next twenty years.”
Despite its significant impact, the Gates Foundation has faced criticism from some who argue that Gates wields excessive influence over global health funding priorities. However, in a recent interview, Gates remained resolute, asserting his right as a private citizen to determine how his earned wealth is spent.
“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,” he stated.