In a move that has shocked and inspired many around the world, billionaire tech pioneer and 5th richest man in the world, Bill Gates has announced that he will give away 99% of his $200 billion fortune—and shut down his foundation entirely by the year 2045.
Gates has chosen to do in 20 years what most philanthropists plan over generations: completely hand back almost all his wealth to society.
In a heartfelt message on his foundation’s blog (Gates Foundation), the 69-year old Microsoft co-founder said he was no longer interested in holding on to money that could solve urgent problems in the world. “People will say a lot of things about me when I die,” he wrote, “but I am determined that ‘he died rich’ will not be one of them.”
This marks a major shift in the original plan for the Bill and Melinda Gates Foundation, which was launched in 2000. Originally, the foundation was meant to run long after Gates’ lifetime. But he now believes more can be achieved in less time.
The Foundation has already made a massive global impact—investing over $100 billion to fight poverty, improve education, and save lives. From leading vaccine campaigns to funding medical research, the organization has helped reduce child deaths from diseases like diarrhea by 75% and worked with partners to save over 80 million lives.
Still, Gates has not been without critics. Some argue that private foundations like his hold too much sway over global health decisions. But the billionaire is undeterred.
“I think 20 years is the right balance,” he said. “It allows us to give as much as possible, while giving our partners enough time to prepare for a world without the foundation.”
