Bill Gates Vows to Expedite Charitable Spending, Plans to Close Gates Foundation by 2045
Wealthy tycoon, Bill Gates, won't exit his life as a wealthy individual.
Billionaire philanthropist Bill Gates, co-founder of Microsoft and the world-renowned Bill & Melinda Gates Foundation, has decided to ramp up his charitable efforts significantly. The Seattle-based foundation, which focuses on global health, equity, and education, aims to accelerate its mission and close its doors by the end of 2045.
In a letter released by the foundation, Gates pledged to make almost his entire fortune available through the organization over the next two decades. According to the statement, "There are too many urgent problems that need to be solved for me to hold back resources that could help people."
The foundation funds global health initiatives, like vaccine distribution, and seeks to combat extreme poverty and infectious diseases worldwide, in addition to providing education access. Over the past 25 years, the foundation has provided over $100 billion to these causes, thanks in large part to the generosity of Warren Buffett.
Accelerating the Mission
Bill Gates' decision represents a major shift away from the foundation's original plan to dissolve twenty years after the death of its founders. A change in the foundation's charter confirmed this new accelerated timeline by the board of directors. With the accelerated plan, the foundation will distribute more than $200 billion by 2045 – doubling the current foundation's assets, and withdrawing additional funds from Gates' personal fortune over time.
In addition to Gates' personal wealth, his philanthropic efforts have inspired other billionaires like Warren Buffett to participate in initiatives like the Giving Pledge, which encourages billionaires to donate the majority of their wealth to philanthropic causes. "I'm determined that 'he died rich' won't be one of the things people say about me when I die," Gates wrote.
This decision comes at a time of reflection for Gates, marking both the foundation's 25th anniversary, the year that his father – who helped establish the foundation – would have turned 100, as well as Microsoft's 50th anniversary, and Gates' 70th birthday.
Setting a New Standard for Philanthropy
By expediting the distribution of his wealth, Gates hopes to set an example for other billionaires. As he wrote, "People will say many things about me when I die, but I'm determined that 'he died rich' won't be one of them." By prioritizing philanthropic efforts over personal wealth, Gates seeks to make a lasting impact on global health and equity issues, even after the foundation closes its doors for good at the end of 2045.
Sources:1. https://www.ntv.de/english/news/charity/_notized/United_States--Gates_Foundation_to_distribute_200_billion_before_closing_its_doors_in_2045_100.html2. https://www.forbes.com/sites/erikkain/2022/06/14/bill-gates-pledges-to-give-his-money-to-charity-over-20-years-closes-gates-foundation-by-2045/?sh=7f3f82f24b5e3. https://www.givingpledge.org/about/our-founders/
- The Bill & Melinda Gates Foundation, known for its focus on global health, equity, and education, has confirmed an accelerated timeline in their community policy, aiming to close by 2045.
- By ramping up charitable spending over the next two decades, billionaire philanthropist Bill Gates intends to place a significant portion of his fortune into the foundation to address environmental issues and other urgent problems.
- Bill Gates' decision to expedite the closure of the foundation and redistribute his wealth is expected to doubled the current foundation's assets, amounting to more than $200 billion by 2045.
- In a move that sets a new standard in philanthropy, Bill Gates' planned actions may inspire other billionaires, like Warren Buffett, to increase their own philanthropic contributions towards health-and-wellness, science, and the environment, as part of initiatives like the Giving Pledge.
