Bill Gates, co-founder of Microsoft and one of the world’s wealthiest individuals, has announced his intention to donate nearly all of his estimated $200 billion fortune over the next two decades. This philanthropic endeavor will be executed through the Bill & Melinda Gates Foundation, which is set to conclude its operations by December 31, 2045.
In a recent statement, Gates emphasized his commitment to addressing urgent global challenges. “There are too many urgent problems to solve for me to hold onto resources that could be used to help people,” he stated . The foundation plans to double its annual spending, reaching $10 billion by 2026, focusing on global health, education, and poverty alleviation.
Gates cited Andrew Carnegie’s 1889 essay, “The Gospel of Wealth,” as a significant influence on his decision. Carnegie argued that the wealthy have a moral obligation to distribute their wealth in ways that promote the welfare and happiness of the common man. Gates expressed his desire not to be remembered as someone who “died rich”.
The announcement comes amid significant cuts to foreign aid by the U.S. and other nations. Gates criticized these reductions, particularly targeting Elon Musk’s role in dismantling the U.S. Agency for International Development (USAID). He warned that such actions could reverse decades of progress in global health, potentially increasing mortality rates worldwide.
Since its inception in 2000, the Gates Foundation has donated over $100 billion to various initiatives worldwide. Notably, the foundation has significantly contributed to global health efforts, including the fight against diseases like polio and malaria. In the United States, the foundation has supported numerous educational programs, such as funding for Rice University and KIPP Texas Public Schools.
With the planned closure of the foundation in 2045, Gates aims to ensure that his wealth is utilized effectively to address pressing global issues. He remains hopeful that governments will renew their commitment to supporting global aid, emphasizing that philanthropy cannot replace governmental responsibilities.
