Bill Gates Announces Plan to Wind Down Philanthropic Foundation and Disperse Wealth
The billionaire aims to distribute nearly all of his fortune over the next two decades, while addressing global issues.
In a recent public announcement, Bill Gates, co-founder of Microsoft and prominent philanthropist, revealed plans to close the Gates Foundation by December 31, 2045, and to give away nearly all of his personal wealth over the next 20 years.
Gates, who is currently estimated to have a net worth of $168 billion, expressed his determination not to be remembered as someone who died wealthy.
He stated, "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," reflecting his commitment to addressing pressing global challenges.
Since its establishment in 2000, the Gates Foundation has contributed over $100 billion to various global causes, focusing on eradicating diseases, alleviating poverty, combating climate change, and improving access to healthcare and education.
Gates has set an ambitious goal of doubling the foundation's total contributions to $300 billion by 2045, contingent on factors such as inflation and market performance.
He plans to increase the foundation's annual budget from $6 billion to $9 billion.
Gates outlined specific objectives for the next two decades, which include reducing maternal and child mortality from preventable causes, eradicating diseases such as polio and malaria, and funding educational and agricultural initiatives in Africa aimed at lifting millions out of poverty.
However, he acknowledged the crucial role of government partnerships in achieving these goals, noting a concerning trend of significant reductions in global aid budgets, particularly in the United States.
Gates remarked, "No philanthropic organization — even one the size of the Gates Foundation — can make up the gulf in funding that’s emerging right now."
Reflecting on his philanthropic philosophy, Gates cited the influence of his late mother, who believed that substantial wealth comes with a responsibility to give back, and his late father, who co-chaired the Gates Foundation until his passing in 2020.
Gates also acknowledged the impact of fellow billionaire Warren Buffett, who is known for his extensive charitable contributions and has encouraged his family to give away the majority of their wealth.
Together, they co-founded the Giving Pledge in 2010, which has been signed by over 240 billionaires, committing them to donate the majority of their fortunes during their lifetimes.
Gates referred to Andrew Carnegie's 1889 essay "The Gospel of Wealth," highlighting the notion that "the man who dies thus rich dies disgraced," a sentiment that has motivated his philanthropic efforts.
He expressed hope that other wealthy individuals might accelerate their charitable contributions, recognizing the profound impact such actions can have on alleviating global poverty.
Despite acknowledging challenges ahead, Gates voiced optimism regarding future global conditions, particularly due to advances in technology and healthcare.
He pointed to the rapid scaling of artificial intelligence as a potential catalyst for positive change.
He stated, "I think it’s objective to say to you that things will be better in the next 20 years," while affirming his commitment to philanthropy regardless of his outlook.
Gates emphasized the importance of utilizing wealth to benefit society rather than seeking personal indulgences.
Gates, who is currently estimated to have a net worth of $168 billion, expressed his determination not to be remembered as someone who died wealthy.
He stated, "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," reflecting his commitment to addressing pressing global challenges.
Since its establishment in 2000, the Gates Foundation has contributed over $100 billion to various global causes, focusing on eradicating diseases, alleviating poverty, combating climate change, and improving access to healthcare and education.
Gates has set an ambitious goal of doubling the foundation's total contributions to $300 billion by 2045, contingent on factors such as inflation and market performance.
He plans to increase the foundation's annual budget from $6 billion to $9 billion.
Gates outlined specific objectives for the next two decades, which include reducing maternal and child mortality from preventable causes, eradicating diseases such as polio and malaria, and funding educational and agricultural initiatives in Africa aimed at lifting millions out of poverty.
However, he acknowledged the crucial role of government partnerships in achieving these goals, noting a concerning trend of significant reductions in global aid budgets, particularly in the United States.
Gates remarked, "No philanthropic organization — even one the size of the Gates Foundation — can make up the gulf in funding that’s emerging right now."
Reflecting on his philanthropic philosophy, Gates cited the influence of his late mother, who believed that substantial wealth comes with a responsibility to give back, and his late father, who co-chaired the Gates Foundation until his passing in 2020.
Gates also acknowledged the impact of fellow billionaire Warren Buffett, who is known for his extensive charitable contributions and has encouraged his family to give away the majority of their wealth.
Together, they co-founded the Giving Pledge in 2010, which has been signed by over 240 billionaires, committing them to donate the majority of their fortunes during their lifetimes.
Gates referred to Andrew Carnegie's 1889 essay "The Gospel of Wealth," highlighting the notion that "the man who dies thus rich dies disgraced," a sentiment that has motivated his philanthropic efforts.
He expressed hope that other wealthy individuals might accelerate their charitable contributions, recognizing the profound impact such actions can have on alleviating global poverty.
Despite acknowledging challenges ahead, Gates voiced optimism regarding future global conditions, particularly due to advances in technology and healthcare.
He pointed to the rapid scaling of artificial intelligence as a potential catalyst for positive change.
He stated, "I think it’s objective to say to you that things will be better in the next 20 years," while affirming his commitment to philanthropy regardless of his outlook.
Gates emphasized the importance of utilizing wealth to benefit society rather than seeking personal indulgences.
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