Billionaire philanthropist Bill Gates has pledged to donate nearly all of his remaining wealth to the Gates Foundation, with the charity to close in 2045.
This monumental gift, estimated at $107 billion today, makes him among history’s most generous philanthropists, potentially second only to Warren Buffett’s pledged donation.
Gates’ contribution, to be distributed over time, will empower the foundation to inject an additional $200 billion into its global health and US education initiatives over the next two decades.
“It’s kind of thrilling to have that much to be able to put into these causes,” Gates shared in an interview.
This commitment not only ensures continued support for vital causes but also signals a defined endpoint for the foundation’s vast global influence.
Gates believes this approach maximises the immediate impact on lives, creating positive ripple effects that will extend far beyond the foundation’s lifespan. By spending down his fortune now, he aims to ensure his philanthropic vision is fully realised.
“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,” Gates said.
The Gates Foundation has long been peerless among foundations — attracting supporters and detractors but also numerous unfounded conspiracy theories.
In addition to the $100 billion it has spent since its founding 25 years ago, it has directed scientific research, helped develop new technologies, and nurtured long-term partnerships with countries and companies.
About 41 per cent of the foundation’s money so far has come from Warren Buffett and the rest from the fortune Gates made at Microsoft.
Started by Bill Gates and Melinda French Gates in 2000, the foundation plays a significant role in shaping global health policy and has carved out a special niche by partnering with companies to drive down the cost of medical treatments so low- and middle-income countries could afford them.
“The foundation work has been way more impactful than I expected,” Gates said, calling it his second and final career.
The foundation’s influence on global health — from the World Health Organisation to research agendas — is both a measure of its success and a magnet for criticism. For years, researchers have asked why a wealthy family should have so much sway over how the world improves people’s health and responds to crises.
Gates said, like any private citizen, he can choose how to spend the money he earns and has decided to do everything he can to reduce childhood deaths.
“Is that a bad thing? It’s not an important cause? People can criticise it,” he said, but the foundation will stick to its global health work.
The Associated Press receives financial support for news coverage in Africa from the Gates Foundation and for news coverage of women in the workforce and statehouses from Melinda French Gates’ organisation, Pivotal Ventures.
The foundation’s most prized metric is the drop in childhood deaths from preventable causes by almost half between 2000 and 2020, according to United Nations figures. The foundation’s CEO Mark Suzman is careful to say they do not take credit for this accomplishment. But he believes they had a “catalytic role” — for example, in helping deliver vaccines to children through Gavi, the vaccine alliance they helped create.
The foundation still has numerous goals — eradicating polio, controlling other deadly diseases, like malaria, and reducing malnutrition, which makes children more vulnerable to other illnesses.
Gates hopes that by spending to address these issues now, wealthy donors will be free to tackle other problems later.
The Gates Foundation had planned to wind down two decades after Gates’ death, meaning today’s announcement significantly moves up that timetable. Gates plans to stay engaged, though at 69, he acknowledged he may not have a say.
In its remaining two decades, the foundation will maintain a budget of around $9 billion a year, which represents a leveling off from its almost annual growth since 2006, when Buffett first started donating.
Suzman expects the foundation will narrow its focus to top priorities.
“Having that time horizon and the resources just puts an even greater burden on us to say, ‘Are you actually putting your resources, your thumb down, on what are going to be the biggest, most successful bets rather than scattering it too thinly?’” Suzman said, which he acknowledged was creating uncertainty even within the foundation about what programs would continue.
Major changes preceded the foundation’s 25th year.
In 2021, Melinda French Gates and Bill Gates divorced, and Buffett resigned as the foundation’s trustee. They recruited a new board of trustees to help govern the foundation, and in 2024, French Gates left to continue work at her own organisation.
French Gates said she decided to step down partly to focus on countering the rollback of women’s rights in the U.S. At the ELLE Women of Impact event in New York in April, she said she wanted to leave the foundation at a high point.
“I so trusted Mark Suzman, the current CEO,” she said. “We had a board in place that I helped put in place, and I knew their values.”
Even as the foundation’s governance stabilises, the road ahead looks difficult. Enduring conflicts in Ukraine and Gaza, global economic turmoil and cuts to foreign aid forecast fewer resources coming to global health and development.
“The greatest uncertainty for us is the generosity that will go into global health,” Gates said. “Will it continue to go down like it has the last few years or can we get it back to where it should be?”
Even facing these obstacles, Gates and the foundation speak, as they often do, with optimism, pointing to innovations they’ve funded or ways they’ve helped reduce the cost of care.
“It’s incredible to come up with these low-cost things and tragic if we can’t get them out to everyone who needs them,” Gates said. “So it’s going to require renewing that commitment of those who are well off to help those who are in the greatest need.”
