Bill Gates Vows to Donate Nearly Entire Fortune, Close Foundation by 2045

Bill Gates announced this week that he plans to give away “virtually all” of his wealth within the next 20 years and permanently close the Bill & Melinda Gates Foundation by the end of 2045.

The Microsoft co-founder said he is accelerating plans to divest his fortune, committing $200 billion through the foundation over the next two decades. The pledge would double the more than $100 billion the foundation has already spent since its creation 25 years ago.

He says he made the decision after reading “a lot of books” and writings about the responsibility rich people have to help others.

“One of the best things I read was an 1889 essay by Andrew Carnegie called The Gospel of Wealth,” Gates wrote in a personal blog post.

Gates, 69, said the decision follows a period of reflection, including reading on the history of philanthropy. His announcement coincided with the foundation’s 25th anniversary. He founded the organization in 2000 with his then-wife Melinda French Gates, and was later joined by longtime friend and investor Warren Buffett.

“I have come a long way since I was just a kid starting a software company with my friend from middle school,” Gates said.

In his announcement, Gates expressed concern over declining foreign aid and global health funding, a veiled criticism of former President Donald Trump and other leaders who have reduced international contributions.

“It’s unclear whether the world’s richest countries will continue to stand up for its poorest people,” he wrote, citing cuts from donors including the U.S., U.K., and France.

Gates said the foundation will prioritize efforts to reduce poverty and prevent deaths from treatable conditions such as polio, malaria, measles, and maternal complications. But he stressed that philanthropic dollars alone will not be enough.

“Progress would not be possible without government support,” he said.

Gates also addressed how he hopes to be remembered.

“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,” he wrote.
“There are too many urgent problems to solve for me to hold onto resources that could be used to help people.”