Bill Gates, a co-founder of Microsoft, has promised to give the Bill & Melinda Gates Foundation 99 percent of his remaining wealth, which is expected to be over $100 billion. Gates has stated that the foundation will shut down by December 31, 2045. The foundation’s initial wind-down schedule, which was originally scheduled for 20 years following Gates’s passing, is accelerated by the decision.
Depending on market conditions, the pledge is perhaps the second-largest humanitarian commitment in modern history, after Warren Buffett’s intention to contribute his $160 billion wealth.
In an interview with the Associated Press, Gates remarked, “Having that much to be able to put into these causes is kind of thrilling.”
“I have too many pressing issues to deal with to hoard resources that could be used to assist people,” Gates stated in a recent blog post. For this reason, I have made the decision to donate my money to society far sooner than I had anticipated.
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The foundation has already spent over $100 billion, and Gates said it is now on track to spend another $200 billion over the next 20 years. Prioritizing funds for important concerns including global health, disease eradication, maternity and infant mortality, and poverty reduction is the aim.
In his blog, Gates listed three key goals for the foundation’s last stage: eradicating infectious diseases like measles and malaria, preventing mothers’ and children’s avoidable deaths, and bringing hundreds of millions out of poverty.
He wrote, “The Gates Foundation’s mission is still based on the belief that your opportunities shouldn’t be determined by where you were born.” In light of our board’s input, he added, “I now think we can achieve the foundation’s goals on a shorter timeline, especially if we double down on key investments and give our partners more certainty.”
