Hobnob News Report:
In a powerful declaration of purpose, billionaire philanthropist Bill Gates has announced plans to donate 99% of his $200 billion fortune, leaving just 1%—about $1.6 billion—for himself and his family, as he outlines the closure of the Bill and Melinda Gates Foundation by December 31, 2045.
Writing on his personal blog, Gates Notes, on Thursday, the Microsoft co-founder stated unequivocally,
“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.”
Gates emphasized that with so many urgent global challenges—from disease and poverty to education and health—he cannot justify holding on to vast resources that could help save lives.
“That is why I have decided to give my money back to society much faster than I had originally planned. I will give away virtually all my wealth through the Gates Foundation over the next 20 years.”
Founded in 2000 alongside his ex-wife, Melinda French Gates, the Gates Foundation has grown to become one of the world’s most impactful philanthropic organizations. To date, it has spent over $100 billion on causes such as global health, poverty reduction, education, and vaccine development.
Gates revealed this is a shift from the foundation’s original plan to sunset decades after both founders’ deaths. He credited the change to input from the board and a belief that the foundation’s goals can be met on an accelerated timeline by concentrating resources more effectively.
“This is a change from our original plans… More recently, with input from our board, I now believe we can achieve the foundation’s goals on a shorter timeline, especially if we double down on key investments and provide more certainty to our partners,” he said.
A chart included in the blog post outlines his plan to give away nearly everything, while a small remaining portion may eventually go to his three children: Jennifer, Rory, and Phoebe.
Reflecting on the foundation’s achievements, Gates wrote:
“I am deeply proud of what we have accomplished in our first 25 years. We helped create Gavi and the Global Fund, saving over 80 million lives, and played a vital role in efforts to eradicate polio and develop life-saving vaccines.”
Despite the foundation’s accolades, it has also faced criticism over Gates’ influence in global health, but in a recent interview with the Associated Press, Gates remained firm:
“I think 20 years is the right balance between giving as much as we can to make progress on these things and giving people a lot of notice that now this money will be gone.”
As Gates prepares to sunset one of the most influential philanthropic ventures in history, his message is clear: wealth should serve humanity—not outlive it.
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