Microsoft co-founder Bill Gates has committed to giving away virtually all of his wealth within the next 20 years, setting a bold goal to accelerate his philanthropic efforts, Fox News reports.
Gates made the announcement on the 25th anniversary of the Gates Foundation, the organization he co-founded with his ex-wife Melinda French Gates in 2000.
In a post on his website, Gates revealed that the foundation has already donated more than $100 billion in its first 25 years and intends to double that figure over the next two decades. The 69-year-old billionaire said he was inspired to increase his charitable contributions after reading several books, including Andrew Carnegie’s seminal 1889 essay, The Gospel of Wealth.
Carnegie’s essay argues that the wealthy have a moral obligation to use their fortunes to benefit society, a concept Gates described as “a radical idea at the time that laid the groundwork for philanthropy as we know it today.”
Gates announced that he plans to divest his fortune and close the Gates Foundation by December 31, 2045. He explained his decision, noting that his focus is on addressing urgent global issues, including reducing poverty, preventing deaths from preventable diseases, and eradicating illnesses like polio, malaria, and measles.
In his statement, Gates subtly referenced the cuts in foreign aid from major donor nations, including the US under President Donald Trump’s administration, as a motivation for his philanthropic commitment. Gates emphasized the critical need for government support in tackling global challenges, despite the large contributions made by his foundation.
“It’s unclear whether the world’s richest countries will continue to stand up for its poorest people,” Gates wrote. “But I am determined that ‘he died rich’ will not be one of the things said about me.”
He added:
“There are too many urgent problems to solve for me to hold onto resources that could be used to help people.”
Gates’ announcement comes as his foundation continues its work in various sectors, including healthcare, education, and poverty alleviation. The Gates Foundation has been instrumental in tackling global health crises, and Gates has pledged to continue his work to improve the lives of millions in the coming years.
Gates’ announcement also highlighted the foundation’s ongoing partnership with other philanthropic figures, including investor Warren Buffett, who joined the organization to help manage its global efforts.
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