Billionaire philanthropist Bill Gates says he will donate nearly all of his $200 billion fortune, keeping only 1% for himself and his family.
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He made the announcement in a blog post published on Gates Notes, where he explained that the decision is aimed at accelerating the use of his wealth to address urgent global challenges. Gates said the move aligns with his belief that wealth should be used to improve lives rather than accumulate over time.
According to him, the donations will be made primarily through the Bill and Melinda Gates Foundation, which is now expected to shut down by December 31, 2045. This marks a shift from the foundation’s earlier plan to operate for decades after his death.
The foundation, established in 2000, has already spent more than $100 billion on global health, education, and poverty alleviation. Gates noted major milestones, including the creation of Gavi and the Global Fund, initiatives credited with saving over 80 million lives. He also highlighted the foundation’s role in fighting polio and developing a rotavirus vaccine that significantly reduced child deaths from diarrhea.
Despite criticism about his influence on global health funding, Gates said his actions are no different from any private citizen choosing how to spend their money. In an interview with the Associated Press, he said the 20-year timeline allows for meaningful progress while making it clear that the foundation’s resources will not last forever.
Gates added that the remaining 1% of his fortune about $1.6 billion, may be inherited by his three adult children.
