The billionaire philanthropist and co-founder of Microsoft, Bill Gates, has committed to donating nearly his entire fortune back to society and plans to dissolve the Bill and Melinda Gates Foundation within two decades.
On Thursday, Gates posted on his blog (Gates Notes) that he plans to retain only 1% of his fortune, which amounts to $200 billion.
He mentioned that many opinions would circulate after his death, yet he was resolved not to be remembered as someone who expired with great wealth.
‘I have too many critical issues to address to keep resources that could instead be utilized to assist others.’
That’s why I’ve chosen to return my fortune to society at an accelerated pace compared to what was initially intended. Within the upcoming two decades, I plan to donate nearly all of my assets via the Gates Foundation with the aim of enhancing and safeguarding lives globally. The foundation will then cease operations entirely by December 31, 2045,” he stated.
Gates also disclosed that he intended to donate 99 percent of his fortune by 2045, with the remaining one percent, roughly amounting to $1.6 billion, reserved for himself and his family.
In the year 2000, Gates and his ex-wife, Melinda French, established the foundation, which has since allocated more than $100 billion towards various causes worldwide including global health initiatives, educational programs, efforts against poverty, vaccine creation, medical studies, and disaster relief.
This represents a shift from our initial strategy. Back in 2000, when Melinda and I established the Gates Foundation, we incorporated a provision into the organization’s founding document stating that the entity would cease operations some time after our passing. Recently, however, I started reconsidering this tactic.
‘With guidance from our board, I am now confident that we can reach the foundation’s objectives within a tighter timeframe. This is particularly true if we intensify our focus on crucial investments and offer greater stability to our collaborators,’ he said.
Emphasizing the accomplishments of the foundation, Gates stated, “I feel profound pride in what we have achieved during our initial quarter-century.”
We played a crucial role in establishing Gavi and the Global Fund, organizations that revolutionized how global health resources such as vaccines and antiretroviral treatments are acquired and distributed. Collectively, these initiatives have rescued over 80 million lives up to this point.
In collaboration with Rotary International, we’ve played a crucial role in rejuvenating efforts towards eradicating polio. Our support led to the development of a novel vaccine against rotavirus, which has cut down child deaths caused by diarrhea by 75%. Throughout this process, we united various organizations including other foundations, nonprofits, governmental bodies, international agencies, and private enterprises to tackle significant challenges—committing ourselves to doing so over the coming two decades,” he stated additionally.
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