Microsoft co-founder Bill Gates announced on Thursday that he will be closing the Gates Foundation by the end of 2045 and donating “almost all” of his wealth over the next 20 years.
In a statement released on Thursday, Gates stated that the Gates Foundation will shut down on December 31, 2045, and he will donate the majority of his wealth to the foundation before that date. The estimated total value of this donation is around $200 billion.
This announcement marks an earlier closure of the Gates Foundation than originally planned, which was supposed to shut down 20 years after Gates’ death.
The donation announced by Gates on Thursday will be one of the largest charitable donations in history, to be delivered gradually over the next 20 years. The foundation already has a fund of $77 billion donated by Gates, his ex-wife Melinda French Gates, and Warren Buffett.
Established in 2000 by Bill Gates and Melinda French Gates, the Gates Foundation is one of the largest charitable organizations in the world, having donated over $100 billion.
In his statement on Thursday, the 69-year-old Gates wrote, “I’ve decided to give back my wealth to society at a faster rate than originally planned.”
Mark Suzman, CEO of the Gates Foundation, stated in a call with reporters that this donation represents approximately 99% of Gates’ remaining wealth.
According to the Bloomberg Billionaires Index, Gates ranks fifth in the world with a net worth of around $168 billion.
In a blog post released on Thursday morning, Gates expressed his desire to accelerate the foundation’s work in global health and equity initiatives, hoping to set an example for other billionaires.
So far, around 41% of the foundation’s funding has come from Buffett, who has donated over $43 billion of his personal wealth to the charity over the years. The rest of the funds come from Gates’ wealth earned at Microsoft.
The Gates Foundation donates billions of dollars each year to causes worldwide, primarily in health, global development, and education. It has a significant influence on the World Health Organization and global health policies.