Bill Gates will donate most of his fortune to the Gates Foundation and announces its closure in 2045
Since its establishment in 2000, the foundation has allocated $53.8 billion to a range of projects, primarily focusing on health, education, and development.
Bill Gates in an interview.
Bill Gates announced Thursday that he will donate much of his remaining fortune to his philanthropic foundation, which aims to spend over $200 billion by 2045, when it will permanently close.
"A lot can happen over the course of 20 years. I want to make sure the world moves forward during that time," explained the Microsoft co-founder in an open letter about the Gates Foundation, which focuses on combating poverty and disease.
Since its creation in 2000, the foundation has committed $53.8 billion to a variety of projects, primarily concentrating on health, education, and development.
In early February, Gates revealed to the BBC that he had already donated over $100 billion to various charities, with $60 billion directed to his own foundation.
According to Forbes magazine, the remaining portion of his fortune is estimated at approximately $113 billion.
The charity was founded by Bill Gates, his ex-wife Melinda French Gates, and businessman Warren Buffett, the head of the Berkshire Hathaway conglomerate.
Formerly known as the Bill and Melinda Gates Foundation, it was renamed the Gates Foundation in 2024, after Melinda stepped down three years following the couple's divorce.
The foundation provides funding to the World Health Organization (WHO), the Global Polio Eradication Initiative (GPEI), and the Vaccine Alliance (Gavi).
By the end of 2024, the Gates Foundation's net assets amounted to $71.3 billion, with a budget of $8.7 billion allocated for 2025.
In keeping with the foundation's work during its first quarter-century, Bill Gates outlined three key priorities for its final two decades of operation.
He plans to focus on reducing infant mortality, combating infectious diseases—primarily polio, guinea worm, measles, and malaria—and supporting educational initiatives.
Bill Gates paid tribute to Warren Buffett, who "remains the ultimate model of generosity."
"I hope that other wealthy people consider how much they can accelerate progress for the world's poorest people if they increased the pace and scale of their giving," he said.
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