Bill Gates has made a significant decision to donate nearly his entire fortune and allocate $200 billion over the next two decades. He has shared his reasons for this major decision.
The co-founder of Microsoft currently ranks as the 13th wealthiest individual globally, with an estimated net worth of $113 billion, as reported by Forbes.
Despite his immense wealth, Gates is committed to using his resources for the greater good. He has already contributed $100 billion to various charitable causes.
Recently, Gates announced his intention to donate nearly all of his wealth. On Thursday, May 8, he pledged to double his charitable contributions to $200 billion over the next 20 years, which would reduce his net worth by 99 percent.
In his statement, Gates mentioned that he plans to distribute most of his wealth through the foundation he co-founded with his ex-wife Melinda 25 years ago, the Gates Foundation. He stated that the foundation “will close its doors permanently” by the end of 2045.
In a blog post, Gates expressed his motivation to address global issues, particularly concerning children’s health and climate change.
In this context, he criticized Elon Musk, accusing him of impacting the world’s poorest children negatively after reducing foreign aid as head of the Department of Government Efficiency (DOGE) during the Trump administration.
Gates has also been inspired by literature, notably an 1889 essay by Andrew Carnegie titled “The Gospel of Wealth,” which influenced his decision not to be remembered as someone who “died rich.”
“There are too many urgent problems to solve for me to hold onto resources that could be used to help people,” Gates explained in his post.
Gates plans a symbolic conclusion for the Gates Foundation, announcing its closure on its 25th anniversary, a year marked by several significant milestones, including his 70th birthday, his father’s 100th, and Microsoft’s 50th anniversary.
The funds will support “the cause of saving and improving lives around the world.”
Gates is particularly focused on “putting the world on a path to ending preventable deaths of moms and babies and lifting millions of people out of poverty,” along with combating “deadly infectious diseases.”
He wrote, “During the first 25 years of the Gates Foundation—powered in part by the generosity of Warren Buffett—we gave away more than $100 billion. Over the next two decades, we will double our giving.”
“The exact amount will depend on the markets and inflation, but I expect the foundation will spend more than $200 billion between now and 2045. This figure includes the balance of the endowment and my future contributions.”
According to the Gates Foundation, the charity received $77.2 billion in endowments last year, and Buffett contributed a substantial $43.3 billion from 2006 to 2024.
Gates added, “Progress depends on so many people around the globe: Brilliant scientists who discover new breakthroughs. Private companies that step up to develop life-saving tools and medicines.”
“Other philanthropists whose generosity fuels progress. Healthcare workers who make sure innovations get to the people who need them. Governments, nonprofits, and multilateral organizations that build new systems to bring solutions to scale.”
“Each part plays an essential role in driving the world forward, and it is an honor to support their efforts.”
Gates acknowledged a shift from their “original” vision for the foundation, as the couple initially planned for it to continue long after their deaths.
However, Gates reconsidered and realized that the foundation’s objectives could be met “on a shorter timeline.”
He elaborated, “The Gates Foundation’s mission remains rooted in the idea that where you are born should not determine your opportunities.”
“I am excited to see how our next chapter continues to move the world closer to a future where everyone everywhere has the chance to live a healthy and productive life.”
Forbes states that Gates would surpass Elon Musk in wealth if he had retained his Microsoft shares.
Despite their substantial charitable contributions, Bill and Melinda remain among the top wealthiest individuals globally, ranking 13th and 56th, with estimated net worths of $113 billion and $30.4 billion, respectively.
Had they not sold any shares, their combined wealth could have reached $1.5 trillion, potentially making Bill the world’s first trillionaire.