Billionaire philanthropist and Microsoft co-founder, Bill Gates, has announced a dramatic shift in the operations of the Bill and Melinda Gates Foundation, revealing plans to double its spending and shut it down by December 31, 2045.
In a personal statement released this week, Gates disclosed that the foundation will spend more than $200 billion over the next 20 years, an unprecedented ramp-up from its previous pace.
“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 to the cause of saving and improving lives around the world.
“And on December 31, 2045, the foundation will close its doors permanently,” Gates wrote.
$100 billion given away in 25 years
Gates disclosed that during the first 25 years of the Gates Foundation—powered in part by the generosity of Warren Buffett—it gave away more than $100 billion.
“Over the next two decades, we will double our giving. The exact amount will depend on the markets and inflation, but I expect the foundation will spend more than $200 billion between now and 2045.
“This figure includes the balance of the endowment and my future contributions,” he said.
The billionaire added that this decision came at a moment of reflection for him while celebrating the foundation’s 25th anniversary.
He said this year also marks several other milestones: “It would have been the year my dad, who helped me start the foundation, turned 100; Microsoft is turning 50; and I turn 70 in October.”
Other accomplishments
Gates noted that the Foundation has been 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.
“Together, these two groups have saved more than 80 million lives so far. Along with Rotary International, we have been a key partner in reviving the effort to eradicate polio.
“We supported the creation of a new vaccine for rotavirus that has helped reduce the number of children who die from diarrhea each year by 75 percent.
“Every step of the way, we brought together other foundations, non-profits, governments, multilateral agencies, and the private sector as partners to solve big problems—as we will continue to do for the next twenty years,” he said.
This acceleration follows a recent change to the foundation’s charter, which previously stipulated that it would close 20 years after Gates’ death.
Gates’ announcement comes at a time when major global donors are scaling back funding for public health initiatives.
- The U.S. under the Trump administration cut support to agencies like the World Health Organization (WHO), USAID, and the President’s Emergency Plan for AIDS Relief (PEPFAR).
- The U.S. had previously been the largest donor to the WHO, supporting programs that combat HIV, polio, and global health emergencies.
- Other traditional donors, including the UK and France, have also trimmed their foreign aid budgets to accommodate rising defense expenditures, especially amid the ongoing war in Ukraine.
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