Bill Gates commits to donate 99% of wealth, foundation to close by 2045

Amid rising concerns over foreign aid cuts in wealthy nations like the U.S. and U.K., Bill Gates warned that reduced international development funding could jeopardize progress in tackling global poverty and health challenges

Microsoft co-founder Bill Gates has announced that he will donate 99% of his remaining fortune—estimated to exceed $100 billion—to the Bill & Melinda Gates Foundation. The organization, known for its impactful work in global health and development, will wind down its operations by December 31, 2045, accelerating its original timeline by two decades.

This unprecedented pledge positions Gates among the most generous philanthropists in modern history, following in the footsteps of fellow billionaire Warren Buffett, who has also committed to giving away the bulk of his wealth. Gates stated that his decision was driven by the urgent need to address global challenges, including disease, poverty, and healthcare inequities.

“I’ve always believed in the power of giving, but there are so many critical problems today that require immediate action,” Gates wrote in a blog post. “I want to ensure my resources are used now to help improve lives rather than waiting for a time when it may be too late.”

Accelerating global philanthropic mission

Founded in 2000 by Bill and Melinda French Gates, the foundation has played a pivotal role in tackling some of the world’s most pressing health and humanitarian issues. Over the past two decades, the foundation has already spent more than $100 billion, funding initiatives related to global health, education, and economic development. Moving forward, it plans to invest an additional $200 billion by 2045, directing funds to areas with the greatest potential for systemic change.

The foundation’s final phase will focus on three primary goals: reducing preventable deaths among mothers and children, eradicating infectious diseases like malaria and measles, and lifting millions out of poverty through sustainable development initiatives. Gates believes that accelerating investments in these areas will yield long-term benefits for millions around the world.

“We’re putting more money into the most critical areas now, to ensure lasting change before the foundation winds down,” Gates wrote. “By frontloading our investments, we aim to create a ripple effect that will continue long after our work is complete.”

Mark Suzman, the foundation’s CEO, added that maintaining a large-scale annual budget of $9 billion will allow the organization to make a significant impact in its final years. “Our focus will shift towards high-impact, scalable solutions,” Suzman explained. “We need to be strategic and bold in how we allocate resources to make the biggest difference.”

Gates, Buffett champion global aid

Warren Buffett, the foundation’s largest external donor, recently announced that he would be directing his remaining fortune to a charitable trust managed by his children. Gates expressed gratitude for Buffett’s generous contributions, noting that without his support, the foundation’s success would not have been possible.

The announcement comes at a time of growing concern about the future of foreign aid, particularly in wealthier nations like the United States and the United Kingdom. Gates warned that recent cuts to international development funding could threaten progress in addressing global challenges. “There’s a real risk that the world’s wealthiest countries will retreat from supporting the poorest,” he said.

Despite these challenges, Gates remains committed to ensuring that his legacy is one of impactful change. “I want to die knowing that I gave away as much as I could to improve the world,” he stated.