Bill Gates Announces Plan to Give Away His Entire Fortune and Close Gates Foundation by 2045
In a bold move that signals the next chapter of his legacy, billionaire philanthropist Bill Gates revealed that he plans to donate nearly all of his personal wealth and shut down the Bill & Melinda Gates Foundation by the year 2045.
“People will say a lot of things about me when I die,” Gates, 69, wrote in a blog post on Thursday. “But I am determined that ‘he died rich’ will not be one of them. There are too many urgent problems in the world for me to hold on to resources that could help others.”
The Microsoft co-founder, who Forbes and Bloomberg currently estimate is worth around $168 billion, has long pledged to give away most of his wealth. But now, for the first time, Gates has shared a clear timeline: the Foundation will officially close its doors on December 31, 2045.
$300 Billion in Global Impact
Since its launch in 2000, the Gates Foundation has donated more than $100 billion to causes such as global health, poverty eradication, climate change, education, and vaccine distribution. Gates estimates the Foundation could give away an additional $200 billion by 2045, depending on factors like inflation and market performance. To accelerate that goal, the Foundation’s annual budget will increase from $6 billion to $9 billion.
Gates outlined several key priorities for the next 20 years:
- Dramatically reducing maternal and child mortality from preventable diseases
- Helping to eliminate diseases like malaria, polio, measles, and Guinea worm
- Supporting education and agricultural innovation in African countries to lift millions out of poverty
He stressed, however, that this level of progress will only be possible through partnership with governments — particularly at a time when global aid budgets are shrinking.
“No philanthropic organization — even one as large as the Gates Foundation — can fully make up for the deep funding cuts we’re seeing from governments,” Gates wrote. “It’s unclear whether the world’s wealthiest nations will continue to stand up for the world’s poorest.”
A Life Shaped by Service and Stewardship
Gates credits his parents, especially his mother Mary Gates, for instilling in him the value of giving back. “She believed that to whom much is given, much is expected,” he wrote. His father, Bill Gates Sr., was also deeply involved in the Foundation before passing away in 2020.
Another major influence was Warren Buffett, a close friend and one of the world’s most generous philanthropists. Buffett has already donated tens of billions of dollars to charity and plans to give away 99% of his wealth. Gates said Buffett “remains the ultimate model of generosity” and was the first person who made him consider giving away everything.
Together with Buffett and his ex-wife Melinda French Gates, he co-founded the Giving Pledge in 2010 — a campaign encouraging billionaires to commit the majority of their wealth to philanthropy. Over 240 of the world’s richest individuals have since joined the pledge.
Gates also referenced industrialist Andrew Carnegie’s 1889 essay, The Gospel of Wealth, which argues that dying wealthy is disgraceful. “That quote has stuck with me,” Gates said. “It played a big role in my decision to move faster with my giving.”
Looking Ahead: Hope Through Innovation
Despite global challenges, Gates says he remains optimistic about the future — thanks in large part to breakthroughs in technology and healthcare. He believes artificial intelligence in particular will speed up progress on many global issues.
“I truly believe things will get better in the next 20 years,” he told The New York Times. But even if he didn’t believe that, he said, he’d still be committed to giving: “What would I do otherwise? Buy a fleet of yachts? Gamble it away? This money should go back to society, in a way that actually does some good.”
Gates is calling on other billionaires and wealthy individuals to consider stepping up their giving as well. “The faster we act, the more lives we can change — and the more meaningful our wealth becomes,” he wrote.
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