Bill Gates pledges to give away nearly all his fortune within 20 years

In a significant announcement, Bill Gates declared his intention to distribute nearly all of his wealth, amounting to approximately $200 billion, within the next two decades. This decision comes as the Gates Foundation, originally founded in 2000, prepares to close by December 31, 2045. Shedding light on their past plans, Gates and his ex-wife Melinda French Gates had initially envisioned the foundation to continue its work for several decades post their demise, utilizing their vast fortune. However, Gates expressed his urgency to expedite the philanthropic process against the backdrop of declining funding for health and public assistance programs, which the foundation has historically supported. Gates aims to focus the foundation's efforts on three primary goals over the upcoming 20 years: eliminating preventable deaths of mothers and infants, eradicating deadly infectious diseases, and alleviating poverty for hundreds of millions globally. He underlined his commitment to enhance the foundation's work on health and equity, noting that this shift highlights an ongoing concern regarding stagnant global health trends. Gates hopes that this move will inspire other affluent individuals to follow suit, reshaping the philanthropic landscape. The announcement also aligns with a broader trend of philanthropy among billionaires, as Gates co-founded the Giving Pledge in 2010 with Melinda and Warren Buffett, encouraging wealthy individuals to donate a majority of their fortunes during their lifetimes or in their wills. By taking this step, Gates emphasizes that there are pressing issues that demand immediate financial resources, and advocates that wealth should not be hoarded but utilized for societal good. The statement marks a pivotal shift in his philanthropic strategy as he accelerates efforts, especially following the impacts of the pandemic. The Gates Foundation, regarded as one of the largest philanthropic organizations globally, has unfolded a mission marked by generous contributions exceeding $100 billion since its inception. By setting a target for his net worth to diminish by 99% by 2045, Gates is making a historic commitment to philanthropy, which he believes is the most responsible course of action for someone with significant financial resources. His emphasis on lifetime giving sheds light on his views about accountability and societal obligations in managing wealth as the world faces multiple challenges, and he recognizes the enhanced role that wealthy individuals must assume in these efforts.