Bill Gates Commits to Donating 99% of His Wealth by 2045

Bill Gates has pledged to donate 99% of his wealth through his foundation over the next two decades, combating poverty and diseases while addressing criticisms of his influence in global health and government aid cuts.

Bill Gates, the co-founder of Microsoft, has declared his commitment to donate an astonishing 99% of his wealth within the next 20 years. Announced in a recent blog post, Gates disclosed that he aims to accelerate his philanthropic efforts via the Bill & Melinda Gates Foundation, culminating in the closure of its operations by 2045.

In a statement, Gates, 69, expressed his desire to be remembered for his contributions rather than his wealth, writing, “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.” With a current net worth of around $108 billion, Gates has previously donated $100 billion towards health and development initiatives. The foundation is projected to allocate an additional $200 billion based on market conditions and inflation over the coming two decades.

His philanthropic approach is partly influenced by Andrew Carnegie's 1889 essay, "The Gospel of Wealth," advocating that the wealthy have a responsibility to give back to society. In his post, Gates reflected on this sentiment, quoting Carnegie, “the man who dies thus rich dies disgraced.”

This new philanthropic strategy demonstrates a significant shift. Initially, Gates and his ex-wife Melinda had planned for their foundation to endure for years posthumously. The potential donation could still leave Gates with a billionaire status, as he ranks as the fifth-richest person globally according to Bloomberg.

Gates aims to target three critical areas through his foundation: eliminating preventable diseases affecting mothers and children, eradicating infectious diseases such as malaria and measles, and alleviating poverty for millions of individuals. However, his initiatives have not been free from criticism. Some accuse Gates of leveraging his charitable status to minimize tax obligations and exert undue influence over global health systems.

In his writings, Gates has condemned the recent cuts to foreign aid budgets by the US, UK, and France, emphasizing the importance of sustained support for impoverished nations. He pointedly criticized Tesla CEO Elon Musk in an interview, claiming Musk’s decisions directly harm the most vulnerable populations, including children affected by HIV due to such aid reductions.

Gates also brought attention to the ramifications of canceled grants, specifically a hospital in Mozambique that had been falsely accused of misusing funds. The foundation, despite the controversies, remains steadfast in its mission to assist those in poverty and disease-stricken areas.