Bill Gates Pledges $200 Billion and Plans to Give Away Nearly His Entire Fortune

Bill Gates has announced plans to spend $200 billion through the Gates Foundation and give away nearly all of his $108 billion fortune.

At 69, the Microsoft co-founder revealed why he intends “to give away virtually all my wealth” over the next two decades—around 99 percent of it, to be exact.

Founded in 2000 by Gates and his then-wife Melinda, the Gates Foundation set out with a mission to fight global poverty and improve healthcare access. On Thursday (8 May), Gates shared a major update on his website, revealing that the foundation has already donated $100 billion, making it the third-largest charity in the world.

Gates also made a surprising announcement: the foundation plans to “double our giving” in the next 20 years.

“I will give away virtually all my wealth through the Gates Foundation over the next 20 years to the cause of saving and improving lives around the world,” he wrote.

“And on December 31, 2045, the foundation will close its doors permanently.”

The projected $200 billion in spending includes the foundation’s current $77 billion endowment and Gates’ future contributions. He noted that “the exact amount will depend on the markets and inflation.”

Gates co-founded Microsoft with Paul Allen in 1975. When Microsoft went public in 1986, Gates became a millionaire at just 30. By 1999, he was the world’s first centibillionaire, someone whose net worth exceeds $100 billion.

Although he could be a trillionaire today had he held onto his Microsoft stock, Gates chose to sell much of it to fund his philanthropic work.

“And on December 31, 2045, the foundation will close its doors permanently.”

He noted that “the exact amount will depend on the markets and inflation.”

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Why Isn’t He Leaving His Wealth to His Children?

Gates and Melinda have three children: Jennifer (30), Rory (25), and Phoebe (22). He has consistently stated that they will inherit only a small portion of his fortune.

He explained his reasoning during an appearance on the Figuring Out podcast with Raj Shamani.

“My kids got a great upbringing and education, but less than 1% of the total wealth because I decided it wouldn’t be a favor to them.

You know, it’s not a dynasty. I’m not asking them to run Microsoft.”

Philanthropic Insights

Dr. Paul Vallely, a leading expert in global philanthropy, highlights that Gates's commitment to giving away his wealth is a significant trend among ultra-wealthy individuals. Vallely states that this 'giving pledge' not only helps address pressing global issues but also sets a benchmark for other billionaires to follow.

He emphasizes that effective philanthropy requires strategic planning and collaboration with local communities to ensure that aid provides sustainable solutions rather than temporary fixes.

Where Will the Money Go?

Although Gates says he has reached “retirement age,” he isn’t interested in spending his days playing pickleball. Instead, his focus is on the foundation’s mission to “save and improve as many lives as possible.”

“By accelerating our giving, my hope is we can put the world on a path to ending preventable deaths of mothers and babies and lifting millions of people out of poverty,” he said.

He believes this work can help create a better future.

“I believe we can leave the next generation better off and better prepared to fight the next set of challenges.”

Gates outlined three top priorities for the foundation over the next two decades:

· Ensure no mother, child, or baby dies from a preventable cause

· Eradicate deadly infectious diseases for the next generation

· Help hundreds of millions escape poverty and support broader global prosperity

While Gates’ commitment is significant, he acknowledged that philanthropy alone is not enough.

“None of this progress is possible without partnership from governments,” he said.

He pointed out that several nations, including the United States, the United Kingdom, and France, are “cutting their aid budgets by tens of billions of dollars.”

A Word for Elon Musk

In a recent interview with the Financial Times, Gates also criticized Elon Musk’s Department of Government Efficiency for reducing international aid.

“The picture of the world’s richest man killing the world’s poorest children is not a pretty one,” Gates said.

He alleged that Musk’s decision to cancel grants affected a hospital in Gaza Province, Mozambique, which helps prevent mothers from passing HIV to their babies.

Gates added, “I’d love for him to go in and meet the children that have now been infected with HIV because he cut that money.”

Michelle Singletary, a financial columnist known for her insightful commentary, points out that Gates's philanthropic approach reflects a broader shift toward responsible wealth distribution. She argues that targeting systemic issues like poverty and healthcare can create lasting change.

Moreover, Singletary advocates for transparency in how funds are utilized, suggesting that donors should regularly publish their impact assessments. This not only builds trust but also encourages accountability in philanthropic efforts.

Research-Based Understanding

As Bill Gates embarks on this monumental journey to donate nearly his entire fortune, it's crucial to recognize the potential ripple effects of such actions. Philanthropy, especially at this scale, can reshape societal norms and encourage other wealthy individuals to engage in similar endeavors.

Experts like Dr. Vallely and Michelle Singletary remind us that while the intention is noble, the implementation must be strategic and transparent. By focusing on sustainable solutions and promoting accountability, Gates and others can truly transform communities and create lasting global change.