Tech billionaire and philanthropist Bill Gates has announced he will give away nearly all his wealth—an estimated $200 billion—by 2045, leaving just 1% for personal use, as he plans to shut down the Bill and Melinda Gates Foundation.
In a heartfelt post on his blog Gates Notes, the Microsoft co-founder stated that the globally renowned charitable organization will cease operations by December 31, 2045, marking the end of a 45-year legacy of global philanthropy.
“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.
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He emphasized that urgent global challenges—from health crises to poverty—demand faster action and greater financial commitment.
“There are too many urgent problems to solve for me to hold onto resources that could be used to help people,” he added.
The 99% Pledge
A chart shared in his blog shows Gates’s plans to donate 99% of his fortune—equivalent to roughly $198 billion—over the next 20 years. Only 1% (around $1.6 billion) will be retained for himself and his family.
This dramatic decision is a departure from the foundation’s original plan, which was to remain active for decades after the deaths of both Gates and his former wife and co-founder, Melinda French Gates.
“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 explained.
Legacy of the Gates Foundation
- Since its inception in 2000, the Bill and Melinda Gates Foundation has spent over $100 billion tackling major global issues. Key achievements include:
- Co-founding Gavi and the Global Fund, which have saved over 80 million lives.
- Supporting the development of rotavirus vaccines, cutting childhood diarrhea deaths by 75%.
- Partnering with Rotary International to revive the global effort to eradicate polio.
Gates acknowledged that despite the success, his foundation has faced criticism over its influence on global health policy. However, he remains firm in his convictions.
“Like any private citizen, I can choose how to spend the money I earn,” Gates said in an interview with the Associated Press.
What Happens to the Remaining 1%?
Reports suggest that the remaining portion of Gates’ wealth may eventually go to his three children: Phoebe, Rory, and Jennifer Gates.
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“I think 20 years is the right balance between giving as much as we can to make progress… and giving people a lot of notice that now this money will be gone,” Gates concluded.
The foundation’s closure will mark the end of one of the most influential private philanthropic efforts in modern history, as Gates devotes his remaining years and fortune to what he calls “the cause of saving and improving lives.”
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