Billionaire philanthropist Bill Gates has revealed plans to shut down the Gates Foundation and donate nearly his entire fortune over the next 20 years.
“I Don’t Want to Die Rich,” Gates Says
In a blog post on Thursday, Gates, 69, made it clear: “People will say a lot of things about me when I die, but I am determined that ‘he died rich’ will not be one of them.”
A $168 Billion Net Worth in Motion
With a net worth of $168 billion, Gates aims to give away most of his wealth. His updated goal is to fall off the list of the world’s richest individuals, a pledge he previously hinted at in 2022.
Foundation to Disburse $200 Billion More
Since its founding in 2000, the Bill Gates Foundation has already spent over $100 billion addressing poverty, health care, climate change, and education. Gates now estimates it will give away an additional $200 billion before it officially closes on December 31, 2045.
He also plans to increase the foundation’s annual budget from $6 billion to $9 billion in the coming years.
Major Global Goals Ahead
Gates outlined his goals for the remaining two decades:
- Reducing preventable deaths among mothers and children
- Eradicating polio, malaria, measles, and Guinea-worm disease
- Improving education and agriculture in Africa to combat poverty
A Warning to World Governments
Despite his optimism, Gates cautioned that philanthropy alone cannot offset global aid budget cuts. “No philanthropic organization — even one the size of the Gates Foundation — can make up the gulf in funding that’s emerging right now,” he warned.
Inspired by Family and Friends
Gates credits his mother, Mary Gates, and his late father for instilling in him a sense of moral responsibility. He also acknowledged Warren Buffett, who inspired him to embrace full-scale philanthropy.
The Gospel of Wealth Revisited
Gates said Andrew Carnegie’s essay, The Gospel of Wealth, deeply influenced him. “The man who dies thus rich dies disgraced,” Carnegie wrote. Gates now lives by that principle.
A Hopeful Look Forward
Though realistic, Gates remains hopeful. With advances in AI, health care, and energy, he believes the world will see dramatic progress over the next 20 years. “Things will be better,” he concluded.
Source: CNBC
