Bill Gates to Donate 99% of Fortune, Spend $200 Billion and Close Gates Foundation by 2045
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Bill Gates has announced plans to donate 99% of his estimated $107–$200 billion fortune to the Gates Foundation, with the intention of spending down the foundation's resources and closing it permanently by December 31, 2045. This represents a change from the original sunset clause, which envisioned the foundation operating for decades after the founders' deaths.
The Gates Foundation, founded in 2000 by Bill Gates and Melinda French Gates and headquartered in Seattle, has an endowment of $75.2 billion and has disbursed over $100 billion to date. Major contributions include $60.2 billion from the Gateses and $43.3 billion from Warren Buffett. The foundation's early efforts included a US$20 billion transfer of Microsoft shares and partnerships with organizations such as Gavi, the Global Fund, and Rotary International.
The foundation's work has contributed to halving the number of children dying before their fifth birthday from 10 million to 5 million since 2000. Its future goals include halving child mortality again, eradicating diseases like polio, and reducing extreme poverty, with an annual payout set to increase to $9 billion. Gates has highlighted the potential of artificial intelligence in accelerating progress toward these objectives.
Gates cited urgent global challenges and recent reductions in government aid, particularly the closure of USAID and cuts from the United States and other countries, as motivation for accelerating the timeline. CEO Mark Suzman and Gates both emphasized that, despite the foundation's scale, philanthropy cannot fully replace government funding. The Giving Pledge, co-founded with Warren Buffett, now has 240 signatories.
Melinda French Gates stepped down from the foundation in 2024 to pursue other philanthropic work, and Warren Buffett has also resigned as trustee. The leadership now includes a new board and CEO Mark Suzman. Gates credits his family, Warren Buffett, and Chuck Feeney as major influences on his philanthropic philosophy.
Bill Gates’ sunny claims of global progress reek of hypocrisy when his actions often prop up the very inequities he claims to solve. His wealth, built on monopolistic practices, funds a philanthropy model critics say prioritizes corporate interests over the marginalized, while https://t.co/4QHt1qjOmB
Have you also read Andrew Carnegie's famous and widely read article?
Andrew Carnegie (1835—1919) was a Scottish immigrant who came to America and arrived in McEntee with the manufacture of steel, and noted philanthropy, using his wealth to establish universities, libraries, and the Carnegie Endowment for International Peace. https://t.co/7RO7emWoxk
