Bill Gates has announced that he will give away almost all of his wealth within the next 20 years and close the Bill & Melinda Gates Foundation by 2045. Gates, one of the world’s richest people, made this commitment public in a personal blog post, stating that he wants his money to help solve urgent global problems instead of remaining unused.
Currently, Gates’s net worth is estimated at over $100 billion. He said the foundation will spend about $200 billion by the time it winds up in 2045. This is one of the largest charitable pledges ever made by an individual. Gates explained that the original plan was for the foundation to continue for many years after his death, but he has now decided to speed up the process because of increasing global challenges.
Over the past 25 years, the Gates Foundation has already spent more than $100 billion on global health, education, and poverty alleviation. Now, the foundation is set to double that impact, with Gates expecting to spend an additional $200 billion by the end of 2045. The exact amount may vary depending on market conditions and inflation, but the commitment remains clear: virtually all of Gates’s remaining wealth will go towards these causes.
Final Phase of Foundation’s Social Impact
The foundation’s final phase will focus on three major priorities: eliminating preventable deaths among mothers and children, eradicating infectious diseases like malaria and measles, and ending poverty for hundreds of millions worldwide. Gates emphasised that the mission remains rooted in the belief that “where you are born should not determine your opportunities”.
Gates’s decision comes at a time when international aid budgets are being slashed by many wealthy nations. He has openly stated that, while philanthropy can make a significant difference, it cannot fully compensate for the reductions in government funding for global aid and development. Gates also took the opportunity to urge other wealthy individuals and nations to step up and address the pressing needs of the world’s poorest populations.
The Bill & Melinda Gates Foundation, established in 2000, has become one of the world’s most influential philanthropic organisations, supporting initiatives in health, education, and poverty reduction across the globe. With this new pledge, Gates aims to ensure that his fortune is used to make a lasting impact, rather than remaining unspent. He summed up his motivation by saying, “Many will have opinions about me after I pass, but I am resolute that ‘he died wealthy’ will not be one of them”.
As the foundation prepares for its final two decades, Gates’s commitment stands as a powerful message about the role of wealth in society and the urgent need to address global inequalities. The world will be watching as the Gates Foundation embarks on this unprecedented philanthropic journey, aiming to create a better future for millions before closing its doors for good on 31st December 2045.
