$20 billion in 20 years: Bill Gates pledges 99% of his fortune to his foundation before 2045

Bill Gates has pledged to donate 99% of his remaining $107 billion fortune to the Gates Foundation, bringing forward its planned closure to 2045.

This contribution, alongside the foundation’s existing $77 billion promise, will provide an additional $200 billion in spending over the next two decades, mainly targeting global health and U.S. education. “I think 20 years is the right balance between giving as much as we can to make progress on these things and giving people a lot of notice that now this money will be gone,” Gates said.

‘It’s thrilling to have that much to put into these causes’

Launched in 2000 by Bill and Melinda French Gates, the foundation has significantly influenced public health by funding vaccine distribution, combating diseases like malaria and polio, and supporting other medical innovations. “It’s kind of thrilling to have that much to be able to put into these causes,” Gates told The Associated Press.

“This announcement seems like yet more evidence that norms in foundation philanthropy might be shifting” away from a default of operating in perpetuity, he added. Despite challenges like geopolitical conflicts and declining global aid, Gates remains optimistic about the foundation’s mission to address critical health issues and reduce childhood mortality. “Is that a bad thing? It’s not an important cause? People can criticise it,” Gates said, but the foundation will continue with its global health work.

“It’s incredible to come up with these low-cost things and tragic if we can’t get them out to everyone who needs them,” Gates said. “So it’s going to require renewing that commitment of those who are well off to help those who are in the greatest need.” By 2045, the foundation aims to pivot its focus, maintain an annual $9 billion budget, and inspire other wealthy donors to take on remaining global challenges.

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