Bill Gates pledged on Thursday to donate almost his entire personal fortune over the next two decades and stated that the world’s poorest will receive around $200 billion through his foundation, at a time when governments around the world are reducing international aid.
Gates announced that he is accelerating his plans to give up his wealth and close the Gates Foundation by December 31, 2045. „People will say a lot of things about me when I’m dead, but I’m determined that ‘died rich’ will not be one of them,” wrote the 69-year-old billionaire, Microsoft co-founder, and philanthropist in a post on his website, as reported by Reuters.
"There are too many urgent problems to solve for me to hold onto resources that could be used to help people," he added.
Attack on Elon Musk
The billionaire also attacked Elon Musk, the richest man in the world and a key figure in President Donald Trump's administration, accusing him of "killing the poorest children in the world" through massive cuts to the United States' foreign aid budget.
"The image of the richest man in the world killing the poorest children in the world is not a pretty one," Gates told the Financial Times.
The Department of Governmental Efficiency (DOGE), led by Elon Musk, has led to the decimation of the United States Agency for International Development (USAID), which previously provided billions of dollars in funding for everything from child vaccines to emergency food aid.
Gates and Musk were once on the same page regarding the role of the wealthy in providing money for the less fortunate, but they have since clashed multiple times.
A "jab" at the Trump administration
In an implicit rebuke of the reduction in foreign aid by the Trump administration, Gates said he wants to help prevent the deaths of newborns, children, and mothers from preventable causes, wants to end diseases such as polio, malaria, and measles, and wants to contribute to poverty reduction.
"It's not clear whether the world's richest countries will continue to defend their poorest people," Gates said, mentioning cuts from major donors including the United Kingdom and France, along with the United States, the world's largest donor.
However, Gates emphasized that, despite the deep pockets of his foundation, progress would not be possible without government support. He praised the response to aid cuts in Africa, where some governments have reallocated budgets, but said, for example, polio will not be eradicated without U.S. funding.
Gates made the announcement on the occasion of the foundation's 25th anniversary. He founded the organization with his then-wife, Melinda French Gates, in 2000, and later was joined by investor Warren Buffett. "I've come a long way from being just a kid starting a software company with my middle-school friend," Gates said.
99% of Bill Gates' wealth will be donated
Since its inception, the Gates Foundation has donated $100 billion, helping save millions of lives and supporting initiatives such as the Gavi vaccine group and the Global Fund to Fight AIDS, Tuberculosis, and Malaria.
Gates stated that the foundation will close after spending approximately 99% of his personal wealth.
The founders initially estimated that the foundation would close in the decades after their deaths.
Bill Gates, whose wealth is currently estimated at around $108 billion, expects the foundation to spend about $200 billion by 2045, with the final figure depending on markets and inflation.
The foundation is already a major player in global health, with an annual budget that will reach $9 billion by 2026.
The foundation has been criticized for its excessive power and influence in the field, without the necessary accountability, including at the World Health Organization.
Gates himself has also been the subject of conspiracy theories, especially during the COVID-19 pandemic.