The billionaire co-founder of Microsoft and one of the world’s most prominent philanthropists, Bill Gates, announced on Thursday his intention to donate 99 per cent of his wealth within the next two decades, culminating in the planned closure of the Bill & Melinda Gates Foundation by the end of 2045.
The announcement, which coincides with the foundation’s 25th anniversary, marks a significant shift in the legacy of one of the most powerful charitable organisations in modern history. Gates, 69, explained that his decision to accelerate the distribution of his wealth stems from a deep concern over rising global inequality and a desire for his legacy to be defined by meaningful impact rather than the accumulation of wealth.
“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 wrote in a personal blog post. “There are too many urgent problems to solve for me to hold onto resources that could be used to help people.”
According to the Bloomberg Billionaires Index, Gates’ current net worth stands at approximately $168 billion. He stated that, depending on the performance of financial markets and inflation trends, the foundation could distribute as much as $200 billion by 2045.
Since its establishment in 2000, the Bill & Melinda Gates Foundation has disbursed more than $100 billion in grants, with much of its funding directed towards global health and poverty alleviation. Key initiatives supported by the foundation include Gavi, the Vaccine Alliance, and the Global Fund to Fight AIDS, Tuberculosis, and Malaria.
The announcement comes at a time when many of the world’s wealthiest nations are reducing their foreign aid budgets. Gates appeared to criticise these cutbacks—some of which occurred during the administration of former United States President Donald J. Trump—and underscored the continuing importance of public-sector support in driving global development.
“It’s unclear whether the world’s richest countries will continue to stand up for their poorest people,” Gates said, highlighting recent reductions in aid from countries such as the United States, the United Kingdom, and France. “Even with our resources, we can’t eradicate diseases like polio without government help.”
He went on to commend African governments that have adjusted their budgets to offset these aid reductions. Still, he emphasised that both public and private entities must work together to sustain momentum in global health and development efforts.
Under the leadership of Gates and his former wife, Melinda French Gates, the foundation has become one of the most influential philanthropic bodies ever created. The couple was later joined by Warren E. Buffett, who has also pledged a significant portion of his fortune to the foundation’s mission.
However, the scale and influence of the Gates Foundation have not been without controversy. Some critics have raised concerns about the foundation’s outsized role in shaping public health policy and its influence on decision-making bodies such as the World Health Organization. These concerns intensified during the COVID-19 pandemic, when Gates became the subject of various conspiracy theories and misinformation campaigns.
Looking ahead, Gates expressed his hope that other members of the global elite will be inspired to follow suit.
“I hope other wealthy people consider how much they can accelerate progress for the world’s poorest if they increased the pace and scale of their giving,” he wrote. “Because it is such a profoundly impactful way to give back to society.”
The foundation, which currently spends about $6 billion annually, plans to increase its annual spending to $9 billion by 2026. It will continue to operate until it has exhausted 99 per cent of Gates’ fortune, representing a major departure from earlier plans that envisioned the foundation continuing its work long after its founders’ lifetimes.
