Legacy of Generosity: Bill Gates to Donate Fortune and Close Foundation by 2045

In a powerful move that underscores his lifelong commitment to global philanthropy, Bill Gates has announced he will donate nearly all of his personal fortune and shut down the Gates Foundation by the end of 2045. The 69-year-old Microsoft co-founder said he refuses to be remembered as someone who died wealthy, stating that the world faces too many urgent crises that require immediate action and generous support.

The Gates Foundation, established in 2000, has already contributed more than $100 billion to fight poverty, disease, and inequity worldwide. With a projected $200 billion more in donations over the next 20 years, Gates aims to double the foundation’s impact. He said that the annual budget will grow from $6 billion to $9 billion to better address challenges such as climate change, access to education, and public health crises.

Gates has laid out specific philanthropic priorities including ending diseases like malaria and polio, reducing child and maternal deaths, and lifting millions in Africa out of poverty through investment in agriculture and education. While he is optimistic about achieving these goals, he warned that without active involvement from governments, progress may be limited. He criticized recent cuts in global aid budgets, especially in wealthier nations like the United States.

He emphasized that private philanthropy, no matter how massive, cannot fill the void left by declining public funding. Gates urged governments to step up, insisting that consistent support for vulnerable populations remains essential. “No foundation can replace what governments have long funded,” he wrote, highlighting a growing concern among nonprofits and humanitarians alike.

Gates traced his charitable ethos to his upbringing. His late mother, Mary Gates, instilled in him the belief that privilege comes with responsibility. His father, who served as co-chair of the foundation, reinforced the idea that wealth should be used for the public good. His friendship with Warren Buffett also played a pivotal role in shaping his philanthropic path, as Buffett has pledged to give away nearly all of his wealth as well.

Gates also drew inspiration from historic figures like Andrew Carnegie, whose 1889 essay The Gospel of Wealth championed philanthropy as a moral obligation for the rich. The line “the man who dies thus rich dies disgraced” particularly impacted Gates, prompting him to accelerate his charitable giving. He called on other wealthy individuals to do the same, arguing that bold and fast generosity can create real progress.

Though Gates is known for his optimism about the future, especially with rapid advancements in AI and healthcare, he insisted that his decision is grounded in values rather than hope alone. “Even if I didn’t believe things would improve, I wouldn’t keep this wealth,” he said. “It must go back to society, where it can do the most good.”