Bill Gates has announced a significant acceleration of his philanthropic giving, with plans to give away virtually all his wealth through the Gates Foundation over the next 20 years.
In an article published on Gates Notes, the Microsoft co-founder said he is fast-tracking his plans to donate the vast majority of his fortune, and his foundation will cease operations on December 31, 2045, significantly sooner than originally planned.
Gates said that he aims to distribute more than $200 billion over the next two decades. However, he noted that the exact figure would depend on the markets and inflation.
He expressed his desire to give back his fortunes to society more rapidly, noting that he does not want to be remembered as someone who “died rich.”
“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. There are too many urgent problems to solve for me to hold onto resources that could be used to help people,” Gates stated.
The foundation will focus on addressing key global issues, including poverty, preventable deaths of mothers and babies, and deadly infectious diseases such as malaria, polio, tuberculosis, and HIV/AIDs.
“Even with all the challenges that the world faces, I’m optimistic about our ability to make progress—because each breakthrough is yet another chance to make someone’s life better,” Gates noted.
Gates’ decision was mainly informed by the works of earlier Scottish-American industrialist and philanthropist, Andrew Carnegie. In his article The Gospel of Wealth, Carnegie advocates for the wealthy to distribute their fortunes during their lifetimes.
Over the past 25 years, the Gates Foundation has donated over $100 billion and played a vital role in combating diseases and reducing child mortality.
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