Microsoft founder and billionaire Bill Gates has announced he plans to donate almost his entire fortune to the Gates Foundation – which is earmarked to close down in 2045.
According to the Independent, the “gift” is estimated to be around $107 billion, and if Gates’ goes through with the donation, it will make Gates one of the most generous philanthropists in history, possibly coming in second place to billionaire Warren Buffett.
The contribution will be reportedly made over time, with the foundation set to put an additional $200 billion into global health initiatives and U.S. education over the next 20 years.
“It’s kind of thrilling to have that much to be able to put into these causes,” Gates shared in an interview.
Gates sees this strategy as the most effective way to make a meaningful difference in people’s lives right now, sparking lasting positive change that will outlive the foundation itself. By allocating his wealth sooner rather than later, he hopes to bring his philanthropic vision to full fruition.
“I think 20 years is the right balance between giving as much as we can to make progress on these things and giving people a lot of notice that now this money will be gone,” Gates said.
Since its founding 25 years ago, the Gates Foundation has spent over $100 billion on scientific research, new technology development, as well as fostering partnerships with companies and countries.
Approximately 41% of the foundation’s total money has come from Warren Buffett.
“The foundation work has been way more impactful than I expected,” Gates said, calling it his second and final career.
The foundation has shaped policies from the World Health Organization and scientific research priorities. However, questions have been raised over whether a single family should have significant influence over how the world tackles public health challenges and crises.
Gates said he can choose how he spends his own money and noted he is putting efforts into reducing childhood deaths.
“Is that a bad thing? It’s not an important cause? People can criticize it,” Gates said. “The greatest uncertainty for us is the generosity that will go into global health. Will it continue to go down like it has the last few years or can we get it back to where it should be?”
