Bill Gates to donate 99% of wealth, shut down foundation by 2045

Abdullateef Fowewe

The billionaire philanthropist and Microsoft co-founder, Bill Gates, has revealed his intention to donate 99% of his $200 billion wealth, keeping only 1% for personal and family use.

These contributions will occur over the next twenty years through the Bill and Melinda Gates Foundation, which is scheduled to be permanently closed by December 31, 2045.

Since its establishment in 2000, the Gates Foundation has invested over $100 billion in various global initiatives focused on healthcare, education, and poverty alleviation.

It has significantly contributed to vaccine development, medical research, and humanitarian efforts worldwide.

Among its major achievements are saving over 80 million lives through partnerships with organizations like Gavi and the Global Fund, and decreasing global child mortality from diarrhea by 75% with support for a rotavirus vaccine.

While Gates has faced criticism for wielding outsized influence over global health priorities, he remains firmly committed to his philanthropic goals.

He explained that the 20-year timeline offers both the opportunity for maximum impact and enough lead time to responsibly conclude the foundation’s work.

Writing on his Gates foundation blog, he wrote in part, “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.

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

“That is why I have decided to give my money back to society much faster than I had originally planned. 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.

“This is a change from our original plans. When Melinda and I started the Gates Foundation in 2000, we included a clause in the foundation’s very first charter: The organisation would sunset several decades after our deaths. A few years ago, I began to rethink that approach.

“More recently, with the input from our board, I now believe we can achieve the foundation’s goals on a shorter timeline, especially if we double down on key investments and provide more certainty to our partners.

“I am deeply proud of what we have accomplished in our first 25 years.

“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. Along with Rotary International, we have been a key partner in reviving the effort to eradicate polio.

“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. Every step of the way, we brought together other foundations, non-profits, governments, multilateral agencies, and the private sector as partners to solve big problems—as we will continue to do for the next twenty years.

“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.”