When Bill and Melinda French Gates launched the Gates Foundation in 2000, their vision was for it to continue functioning for decades after their passing, using their remaining fortune to fund charitable efforts. However, Bill Gates has now revised that timeline, deciding not to delay the disbursement of his wealth. The billionaire and Microsoft co-founder announced on Thursday that he intends to give away “virtually all” of his wealth — which he estimates at around $200 billion — within the next 20 years. The foundation, according to this plan, will cease operations on December 31, 2045.
Gates’ announcement comes at a time when the Trump administration is working to significantly cut back on funding for health care, foreign aid, and other public assistance programs — the very areas the Gates Foundation has prioritized. This development has prompted concern that critical progress on research and various humanitarian initiatives could be jeopardized.
With the foundation’s work now taking on greater urgency, Gates explained that he aims to step up efforts to advance global health and equity initiatives. In a blog post published Thursday morning, he expressed his hope that this new commitment will inspire fellow billionaires to follow suit. Gates has long championed philanthropy and was instrumental in launching the Giving Pledge in 2010, along with his former wife Melinda French Gates and Warren Buffett. The pledge urges wealthy individuals to commit to donating the majority of their fortunes to philanthropic causes either during their lives or through their wills. Since its inception, more than 240 individuals have signed on.
“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. “There are too many urgent problems to solve for me to hold onto resources that could be used to help people.”
The Gates Foundation, recognized as one of the world’s largest philanthropic entities, has already distributed more than $100 billion since its founding. Its work has included funding the development of vaccines, diagnostic technologies, and treatment delivery systems targeting global health issues. While Gates had already increased the scale of his giving in recent years — particularly in response to the COVID-19 pandemic — Thursday’s announcement marked a notable acceleration. The Gates Foundation described the decision as the “largest philanthropic commitment in modern history.”
Over the next two decades, the foundation will concentrate on three primary goals: eliminating preventable deaths among mothers and infants, eradicating fatal infectious diseases, and helping hundreds of millions escape poverty. These targets reflect the foundation’s ongoing commitment to tackling some of the most critical and deep-rooted global challenges.
In making the announcement, the foundation expressed concern over what it sees as stagnant trends in global health. Speaking to the Financial Times, Gates went further, sharply criticizing Elon Musk, saying the Tesla CEO was “killing the world’s poorest children” due to his involvement with the Department of Government Efficiency, which has overseen cuts to U.S. foreign aid programs. At a New York event on Thursday that unveiled the new philanthropic strategy, Gates disclosed that he had met with President Trump in February to personally voice his objections, especially concerning proposed cuts to USAID.
The event featured appearances by notable figures including billionaire Mike Bloomberg and musician Jon Batiste, along with other key philanthropic partners. Gates Foundation CEO Mark Suzman addressed the gathering, warning that the current climate presents immense obstacles. “We are facing, literally, the toughest political and economic headwinds to our agenda since we were established,” Suzman stated. He cautioned that “much of (our) amazing progress is at risk.”
Despite these challenges, Gates sounded an optimistic note in his blog post, suggesting that technological advancements could supercharge philanthropic efforts. Specifically, he pointed to breakthroughs in artificial intelligence as a promising avenue. He believes AI, in conjunction with his increased giving, could accelerate solutions to some of the world’s most pressing problems.
According to Bloomberg’s Billionaires Index, Gates currently has a net worth of $108 billion, ranking him as the fifth richest person globally. However, he expects his net worth to decline by 99% by 2045, as the foundation distributes an estimated $200 billion during that period. This amount will be drawn from the foundation’s existing $77 billion endowment and his personal fortune. It will also include proceeds from his ongoing business ventures, such as TerraPower, a nuclear energy company he founded.
Melinda French Gates stepped away from the Gates Foundation last year, following her 2021 divorce from Gates. In 2022, she publicly stated that she would not donate the bulk of her wealth through the Gates Foundation. Her departure marked a turning point for the organization, which had previously been a shared philanthropic endeavor.
Gates’ announcement coincides with Microsoft celebrating the 50th anniversary of its founding — a company that played a central role in building his fortune. Reflecting on this milestone, Gates wrote, “It feels right that I celebrate the milestone by committing to give away the resources I earned through the company.”
By setting a firm deadline to give away the bulk of his wealth and eventually close the Gates Foundation, Gates is making a bold and definitive shift in his approach to philanthropy. His plan not only accelerates the foundation’s work but also raises the bar for other billionaires who may be considering their own legacies. Whether others follow his lead remains to be seen, but Gates has made his position clear: the time to act is now.
