Bill Gates Speeds Up Plans to Donate Entire Wealth; Gates Foundation to Cease Operations by 2045

Bill Gates is hastening his longstanding vow to give away his entire wealth, declaring that almost all of his fortune will be contributed via the Bill & Melinda Gates Foundation in the next two decades.

In a recent blog entry, the Microsoft co-founder disclosed his intention to donate “nearly all” of his assets over the upcoming 20 years to initiatives aimed at saving and enhancing lives globally. Gates is currently valuing his net worth at $108 billion, with a target to decrease that by 99 percent by 2045.

As part of this expedited donation agenda, Gates also revealed that the Gates Foundation will permanently close its doors on December 31, 2045. This represents a notable shift from the foundation’s original strategy to remain active for many years following the deaths of both Gates and his former spouse Melinda.

Gates conveyed that he now feels the foundation’s objectives can be reached in a shorter timeframe. Within the next two decades, the foundation aims to allocate over $200 billion to philanthropic projects. Key areas of focus will include eliminating preventable deaths among mothers and infants, eradicating fatal infectious diseases, and helping millions escape poverty.

Established in 2000 by Bill and Melinda Gates, the Gates Foundation has already contributed over $100 billion to global health, educational, and developmental initiatives.

Gates’ promise to give away his fortune is not a novel endeavor. In 2010, he teamed up with Warren Buffett and Melinda Gates to establish the Giving Pledge, an initiative urging billionaires to dedicate the majority of their wealth to charitable causes. Despite having donated an estimated $60 billion already, Gates remains one of the richest individuals globally—ranked fifth by Bloomberg with a net worth of $168 billion—partly due to the ongoing growth of his investments.

However, Gates is now focused on intensifying his philanthropy. “People will say many things about me when I pass away, but I am resolved that ‘he died rich’ will not be among them,” he expressed. “There are far too many pressing issues to address for me to retain resources that could be utilized to assist others.”