SEATTLE: The Bill & Melinda Gates Foundation will close permanently by 2045, with Microsoft co-founder Bill Gates pledging to donate nearly all of his remaining wealth, worth over $100 billion, toward the cause. This accelerates the foundation’s original plan, which was to wind down operations two decades after Gates’s death.
Founded in 2000, the foundation has already spent more than $100 billion on global health, education, and poverty reduction. Over the next 20 years, it plans to double that impact, committing a further $200 billion in funding. Gates described this move as “thrilling” and driven by urgency.
In a blog post, Gates said, “There are too many urgent problems to solve for me to hold onto resources.” He outlined the foundation’s final goals: reducing child and maternal mortality, eradicating diseases like malaria and measles, and lifting millions out of poverty. The foundation will maintain an annual budget of $9 billion until its closure.
Gates’s decision makes his pledge one of the largest in history, possibly second only to Warren Buffett’s. Buffett, who has contributed 41% of the foundation’s funds, plans to direct his remaining wealth to a trust run by his children. Gates paid tribute to Buffett, calling him a major influence.
Melinda French Gates, who co-founded the foundation and later launched her own initiative after their divorce, played a key role in its development.
The decision comes amid falling global aid from wealthy countries. Gates criticised this trend and called on governments to continue supporting global development. He also criticised Elon Musk for backing cuts to US foreign aid.
Gates remains hopeful that the foundation’s efforts will inspire others. “I’m determined that ‘he died rich’ will not be one of them,” he said.
