Billionaire philanthropist and Microsoft co-founder, Bill Gates, has announced plans to donate 99 per cent of his estimated $200 billion fortune, revealing that the Bill and Melinda Gates Foundation will officially shut down on December 31, 2045.
Gates made the disclosure on Thursday in a personal blog post on Gates Notes, declaring his renewed commitment to returning the bulk of his wealth to society within his lifetime.
“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.”
He stated that the decision marks a shift from the original plan, which had set the foundation to sunset several decades after his and co-founder Melinda French Gates’ deaths.
With input from the foundation’s board, however, Gates said a more accelerated timeline would allow the organisation to have greater impact.
“I will give away virtually all my wealth through the Gates Foundation over the next 20 years to the cause of saving and improving lives around the world. And on December 31, 2045, the foundation will close its doors permanently,” he said.
In a chart shared in the post, Gates disclosed that he would retain just one per cent—approximately $1.6 billion—for himself and his family.
The remaining sum may ultimately go to his three adult children: Phoebe, Rory and Jennifer, according to a report by Daily Mail.
Founded in 2000 by Gates and his now ex-wife, Melinda, the foundation has disbursed over $100 billion in areas including global health, education, and poverty alleviation.
It has played a critical role in funding vaccine development, supporting medical research, and providing emergency aid worldwide.
“I am deeply proud of what we have accomplished in our first 25 years,” Gates noted. “We were central to the creation of Gavi and the Global Fund, both of which transformed the way the world procures and delivers lifesaving tools like vaccines and anti-retrovirals. Together, these two groups have saved more than 80 million lives so far.”
He also highlighted the foundation’s role in reducing child mortality, saying, “We supported the creation of a new vaccine for rotavirus that has helped reduce the number of children who die from diarrhea each year by 75 percent.”
Despite the foundation’s global reach, Gates has faced criticism from some quarters over his perceived influence in shaping global health policies.
But he defended his philanthropic choices in an interview with the Associated Press, stating, “Like any private citizen, I can choose how to spend the money I earn.”
He added, “I think 20 years is the right balance between giving as much as we can to make progress on these things and giving people a lot of notice that now this money will be gone.”
The Bill and Melinda Gates Foundation, widely regarded as one of the most influential philanthropic entities globally, is now set to conclude its operations after a total of 45 years, leaving behind a legacy that has reshaped public health and development efforts around the world.
Do you want to share a story with us? Do you want to advertise with us? Do you need publicity for a product, service, or event? Contact us on WhatsApp +2348183319097 Email: platformtimes@gmail.com
We are committed to impactful investigative journalism for human interest and social justice. Your donation will help us tell more stories. Kindly donate any amount HERE
