Billionaire philanthropist and Microsoft co-founder Bill Gates announced a historic decision to donate his entire fortune. Gates will close the Bill & Melinda Gates Foundation on December 31, 2045.
Gates, 69, currently has an estimated net worth of $168 billion. He shared this dramatic plan in a blog post published on Thursday.
“I Don’t Want People Saying ‘He Died Rich’,” Bill Gates Declares
“People will say many things when I die, but ‘he died rich’ shouldn’t be one of them,” Gates wrote. He emphasized there are “too many urgent problems” in the world requiring immediate attention.
Foundation’s Donations Will Double
Since its establishment in 2000, the Gates Foundation has donated over $100 billion to global causes. Gates aims to double this figure by significantly increasing the foundation’s annual budget from $6 billion to $9 billion.
Gates predicts the foundation could distribute roughly $200 billion more in aid by 2045. This total may vary due to inflation and market conditions.
Primary Goals: Health and Education
Gates outlined clear objectives for the next two decades:
- Reducing preventable deaths among mothers and young children.
- Eradicating diseases such as polio, malaria, measles, and Guinea-worm disease.
- Funding education and agricultural advancements in African nations to help millions escape poverty.
However, Gates stressed that achieving these ambitious goals requires collaboration with governments worldwide.
Concern Over Decreasing Government Aid
Gates expressed significant concern about recent global aid budget cuts by major governments, especially the U.S. He emphasized that these reductions create gaps too large for philanthropic organizations alone to fill.
“No philanthropic organization—even one as large as the Gates Foundation—can cover this funding shortfall,” Gates stated. He added, “It remains unclear whether the richest nations will continue supporting the world’s poorest.”
Family and Friends Inspired Gates’ Decision
Gates credited his philanthropic mindset largely to his mother, Mary Gates, who died in 1994. She frequently reminded him that “those given much are expected to give back.”
After Microsoft’s success made him the richest man for a period, Gates recalled his mother’s constant reminder: “You’re just a steward of any wealth you accumulate.”
Gates also mentioned his father, who served as co-chair of the Gates Foundation until his death in 2020, shared similar values.
Warren Buffett’s Influence
Another significant influence was Gates’ close friend, billionaire investor Warren Buffett, known for donating tens of billions to charity. Buffett pledged 99% of his wealth for charitable purposes upon his death, instructing his children accordingly.
Gates referred to Buffett as “the ultimate model of generosity,” and credited him as the first to introduce Gates to the idea of giving everything away.
Gates revealed being profoundly impacted by Andrew Carnegie’s 1889 essay, “The Gospel of Wealth.” Carnegie’s statement—“The man who dies thus rich dies disgraced”—deeply resonated with Gates.
“I have spent a lot of time thinking about that quote,” Gates wrote. He encouraged other billionaires to accelerate their giving. Gates emphasized that rapidly scaling aid to the world’s poorest could have profound impacts.
Optimism for Future Technological Progress
Gates expressed optimism about the future, particularly regarding advances in artificial intelligence and healthcare technology. He believes significant improvements in global living conditions are achievable within two decades.
Speaking to The New York Times, Gates stated, “Objectively, things will be better in the next 20 years.” Even if he were less optimistic, Gates affirmed he’d still prioritize philanthropy.
“What else would I do?” Gates asked rhetorically. “Buy yachts or gamble? This wealth should return to society where it can have the greatest positive impact.”
Gates’ unprecedented move is set to reshape global philanthropy, inspiring wealthy individuals worldwide to reconsider their charitable commitments.
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