Bill Gates, the co-founder of Microsoft, has made a big promise. He says he will donate 99% of his wealth by the year 2045. In a new blog post, Gates announced that he will speed up giving money through his charity, the Bill & Melinda Gates Foundation. This is a huge commitment to help people around the world.
“I refuse to die rich,” Gates said. He is now 69 years old and has spent much of his life building his fortune. But now, he wants to give it away. Gates believes that the rich have a duty to use their money to help others.
Gates’s New Giving Plan
Gates’s plan marks a shift from his past goals. At first, he and his ex-wife, Melinda, wanted the foundation to last after their lifetimes. They thought the charity would continue for many years, helping people for generations. But now, Bill Gates wants to speed up the giving. He has committed to donating $200 billion in the next two decades. This money will go toward global health, education, and poverty relief.
Gates said his wealth will slowly shrink over the next 20 years. He showed a graph of his fortune, which will fall nearly to zero by 2045. Even after giving away most of his money, Gates is expected to stay a billionaire for some time. As of now, he is worth $108 billion and is ranked the fifth-richest person in the world.
A Legacy of Giving
Gates has long been inspired by Andrew Carnegie, a famous industrialist who also gave away most of his money. In 1889, Carnegie wrote The Gospel of Wealth, arguing that the rich should give away their wealth to improve society. Gates has always followed this idea. In his blog post, he quoted Carnegie: “The man who dies thus rich dies disgraced.”
Since its creation, the Bill & Melinda Gates Foundation has spent $100 billion on global development projects. These include efforts to fight disease, improve education, and reduce poverty. The foundation’s work has saved millions of lives around the world. Gates has pledged that his foundation will continue to use its endowment to fund these important causes.
The Foundation Will Close in 2045
By 2045, Gates says the Bill & Melinda Gates Foundation will be closed. This is a change from his previous vision of the foundation continuing for many more years. Gates wants to ensure that his final donation has a significant and lasting impact. He hopes the money will help millions of people before the foundation ends its work.
This decision marks a big shift in how Gates plans to use his fortune. His goal is to ensure that the billions of dollars will go toward making a difference now, rather than just continuing the foundation indefinitely.
Criticizing Cuts to Foreign Aid
In his blog post, Gates also spoke out about recent cuts to foreign aid in several countries. The United States, the United Kingdom, and France have all reduced their aid budgets in recent years. Gates warned that these cuts put the poorest people at risk. Without enough help, countries that need aid the most may be left behind.
“Rich nations are turning their backs on the poorest,” Gates said. He added that the Gates Foundation will keep fighting poverty and disease, regardless of political changes. He stressed that aid is critical, especially in countries where people struggle to survive every day.
Criticizing Elon Musk’s Influence on Charity
In an interview with Financial Times, Gates also criticized Elon Musk. He said Musk’s actions have harmed children in need of health care. Musk, the CEO of Tesla, is also in charge of government efficiency programs in the United States. Gates said that Musk’s cuts to funding for health programs have hurt vulnerable people in places like Mozambique.
One example Gates pointed out was a hospital in Gaza Province that treated children with HIV. The hospital lost funding after accusations were made about its activities. Even after Musk admitted the mistake, he continued to reduce aid spending, which hurt many people. Gates called this “morally unacceptable.”
Gates’s Commitment to Fight Disease and Poverty
Despite the criticism, Gates remains focused on his goals. He is committed to fighting diseases like malaria, HIV, and tuberculosis. These diseases still kill millions of people each year, especially in poorer countries. The Gates Foundation has already made significant progress in reducing the spread of these illnesses.
The foundation also focuses on ending extreme poverty. Gates says that too many people live without access to the basics—food, clean water, and healthcare. His commitment to donate 99% of his wealth is a step toward improving the lives of those in need.
A Lasting Impact
Bill Gates’s decision to donate 99% of his fortune will have a lasting effect. His foundation has already helped millions, and his final donations will ensure the world continues to improve. Gates is using his wealth to create a better future for people around the globe.
The Gates Foundation’s work will continue for years, and even after it closes in 2045, the impact will live on. Gates has made it clear that he wants his legacy to be one of helping others. Through his giving, he hopes to inspire other wealthy people to do the same.