Bill Gates plans to give away virtually his entire fortune over the next two decades, leading to the closure of the Gates Foundation by 2045. The billionaire businessman and philanthropist stated Thursday he aims to disburse the majority of his estimated $107 billion net worth through the foundation, bringing the total amount spent on charitable causes to roughly $200 billion.
The decision marks a shift for the foundation, which had previously planned to continue operations beyond the lifetimes of Bill Gates and his ex-wife, Melinda French Gates. The accelerated timeline is driven by a desire to address urgent global problems sooner.
Gates cited inspiration from Andrew Carnegie's 1889 essay, "The Gospel of Wealth." He stated his determination that "he died rich" will not be part of his legacy, feeling holding onto resources prevents their use for aiding people.
The foundation, which marks its 25th anniversary this year, has already spent $100 billion focusing on areas like global health and poverty reduction. Gates intends to increase these efforts, particularly in areas such as reducing deaths of mothers and children, eradicating infectious diseases, and improving education. Investments in medical innovations, such as vaccine distribution, have previously helped cut the global childhood mortality rate.
Despite the scale of private philanthropy, Gates expressed concern over potential setbacks due to reductions in foreign aid by governments. He specifically mentioned cuts by the U.S. administration, noting discussions he had with President Trump regarding initiatives like HIV prevention and polio.
Gates contended that without government assistance, the global rate of children dying before age 5 could rise significantly. While the Gates Foundation spends billions, U.S. federal foreign aid disbursed nearly $72 billion in fiscal 2024, according to information citing ForeignAssistance.gov, four times the foundation's global health spending.
Past U.S. initiatives, such as former President George W. Bush's Emergency Plan for AIDS Relief, demonstrate the potential impact of large-scale government programs. Gates believes maintaining such efforts is important.
Turning 70 this fall, Gates described this phase as the "last chapter" of his career.
He commented on whether he would miss his wealth in an interview. "No, I won't. I hope I'm still alive when we finish the 20 years, but I will save a little bit to be able to buy hamburgers as much as I need."