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Seattle – In a monumental announcement, billionaire philanthropist Bill Gates has declared his intention to give away virtually all of his estimated $200 billion wealth. He plans to retain only one percent for himself and his family, dedicating the vast majority to tackling global challenges.
“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 wrote in a candid blog post on his Gates Notes website. “There are too many urgent problems to solve for me to hold onto resources that could be used to help people.” The primary vehicle for this historic disbursement will be the Bill and Melinda Gates Foundation, which Gates also announced will permanently close its doors on December 31, 2045.
A Legacy of Giving: The Gates Foundation’s Impact
Founded in the year 2000, the Bill and Melinda Gates Foundation has already channeled over $100 billion from his wealth into global health initiatives, educational programs, and poverty alleviation efforts worldwide. Gates highlighted some of its significant achievements: “We were central to the creation of Gavi and the Global Fund, both of which transformed the way the world procures and delivers lifesaving tools like vaccines and anti-retrovirals.” He proudly noted, “Together, these two groups have saved more than 80 million lives so far.”
This new plan marks a shift from the foundation’s original indefinite timeline. Gates explained the decision to set a 2045 end date is to ensure the foundation achieves its goals on an accelerated schedule, focusing on key strategic investments and providing clarity to its numerous partners.
Defining a Philanthropic Legacy and the Future of Bill Gates Wealth
Gates’ decision to commit nearly his entire fortune has ignited widespread discussion about his ultimate legacy and the profound impact of his philanthropic endeavors. While he has faced some criticism over the years regarding the extent of his influence on global health funding, Gates remains resolute. “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,” he stated.
The remaining one percent of his fortune, estimated to be around $1.6 billion, is expected to eventually be inherited by his three adult children. This final act of disbursing his immense wealth aims to cement his commitment to using his resources for global good within his lifetime and a defined period thereafter.
By Abdullah Korede
