Bill Gates, the co-founder of Microsoft, has announced his intention to give away 99% of his wealth by 2045, marking a major shift in his philanthropic goals. Gates revealed this bold move in a blog post released on Thursday, where he also disclosed plans to shut down his foundation by that same year. The move comes as part of Gates’ long-term vision to return his fortune to society, ensuring that his legacy focuses on generosity rather than wealth accumulation.

Bill Gates’ Commitment to Giving Away His Wealth

Bill Gates, the billionaire technology entrepreneur, has made a historic pledge to donate the vast majority of his fortune by 2045. In a recent blog post, Gates outlined his plan to give away 99% of his wealth, which is currently estimated at $108 billion. Gates stated that his foundation, which has already spent $100 billion on global health and development efforts, would continue its work until 2045, at which point it will be dissolved.

This pledge echoes the sentiments of industrialist Andrew Carnegie’s famous 1889 essay, The Gospel of Wealth, where Carnegie argued that wealthy individuals should contribute their fortunes to the welfare of society. Gates quoted Carnegie’s saying, “The man who dies thus rich dies disgraced,” underscoring his commitment to ensuring his wealth benefits future generations rather than remaining within his family.

Foundation to End Its Operations in Two Decades

Gates revealed that his foundation, which was initially intended to outlive him, will shut down by 2045. The foundation has already made substantial investments in health and development, and Gates anticipates that it will allocate an additional $200 billion, depending on inflation and market conditions. This marks a significant departure from his previous vision for the foundation, which was planned to operate for decades after his passing.

The decision to sunset the foundation in his lifetime stems from Gates’ desire to leave a legacy rooted in philanthropy rather than the accumulation of wealth. “I don’t want to die with billions,” Gates remarked, emphasizing that his wealth should serve a larger purpose during his lifetime.

Gates Still on Track to Retain Billionaire Status

Despite the massive charitable commitment, Gates will still likely retain billionaire status for the foreseeable future. As of now, he is ranked as the world’s fifth-richest individual. Gates illustrated his intention with a hand-drawn chart in his blog post, showing his wealth declining to near zero by 2045, symbolizing his ongoing commitment to philanthropy.

The Bill and Melinda Gates Foundation will continue drawing from its financial endowment to meet its goal of $200 billion in planned disbursements. Gates noted that the foundation’s work would focus on tackling key global challenges, including poverty, disease, and inequality.

Criticism and Controversies Over Philanthropy

While Gates’ philanthropic vision has been widely praised, it has also drawn criticism. Some critics have raised concerns about the influence Gates’ foundation wields over global health systems, claiming that it sometimes acts as a vehicle for avoiding taxation while exerting excessive control over international aid. Others argue that large-scale philanthropy from the ultra-wealthy can distort policy priorities, benefiting the wealthy more than those in need.

Gates has also taken a firm stance against recent reductions in foreign aid by the United States, United Kingdom, and France. He expressed concern that wealthier nations may abandon the world’s poorest populations. The Gates Foundation has maintained a steadfast commitment to helping nations address poverty through sustainable development, despite these global trends.

Gates Slams Elon Musk Over Impact on Global Health

In a pointed critique, Gates accused Tesla CEO Elon Musk of exacerbating global health crises through his role in cutting foreign aid budgets. Gates specifically referred to reductions in funding for the U.S. Agency for International Development (USAID), which he argued led to preventable deaths in developing countries.

Gates condemned the Trump administration’s cuts to foreign aid, including a controversial decision to end funding for a hospital in Mozambique, which had been falsely accused of funding “condoms for Hamas.” While Musk later admitted that the claim was incorrect, the cuts to aid programs continued, leading to significant impacts on global health.

“I’d love for him to meet the children who suffer because he slashed that funding,” Gates remarked, urging Musk to visit children in Mozambique now affected by HIV due to the loss of funding.

Gates’ Vision for the Future

Bill Gates’ commitment to giving away his wealth represents a transformative approach to philanthropy. By shifting focus from accumulating wealth to ensuring that his fortune addresses global needs, Gates hopes to inspire other billionaires to do the same. His foundation’s efforts will continue to focus on ending preventable deaths, eradicating diseases, and reducing poverty globally.

As the countdown to 2045 continues, Gates’ philanthropic endeavors will play a critical role in shaping the future of global health and development. However, as the debate over the role of the ultra-wealthy in global philanthropy intensifies, it remains to be seen how Gates’ legacy will be viewed in the broader context of wealth inequality and international aid.