Bill Gates Pledges to Donate 99% of His Fortune
Billionaire philanthropist Bill Gates has announced plans to donate almost his entire $200 billion fortune, retaining just one percent for personal use, as he discontinues the Bill and Melinda Gates Foundation.
The Microsoft co-founder announced on Thursday via a posting on his personal blog, Gates Notes, that this organization, recognized as one of the world’s leading philanthropic entities, plans to wind down operations by December 31, 2045.
Many people will have plenty to say about me after my death, however, I'm resolved that 'he passed away wealthy' won’t be among those statements.
"There are numerous pressing issues that require attention, so I can't keep hold of resources that could assist others," he stated.
He stated, "This is why I've chosen to return my fortune to society more quickly than initially intended. Within the coming two decades, I plan to donate nearly all of my assets via the Gates Foundation for the purpose of enhancing and safeguarding lives globally. The foundation will then cease operations indefinitely as of December 31, 2045."
As illustrated in the graph presented in the blog article, Gates disclosed his intention to donate 99 percent of his fortune before 2045, retaining merely one percent, roughly $1.6 billion, for personal use and for his family.
Launched in 2000 alongside his former spouse, Melinda French Gates, the organization has invested more than $100 billion in worldwide health initiatives, educational programs, and efforts to combat poverty. This support includes funding for vaccine creation, medical studies, and humanitarian assistance across the globe.
He additionally observes a change from the initial plan.
This represents a shift from our initial strategy. Back in 2000, when Melinda and I established the Gates Foundation, we incorporated a provision into the organization’s founding document stating that it would conclude operations many years following our passing. However, a few years back, I started reconsidering this methodology.
"Recently, incorporating feedback from our board, I am confident that we can reach the foundation’s objectives within a reduced timeframe. This is particularly true if we increase our focus on crucial investments and offer greater assurance to our collaborators," he remarked.
The Daily Mail suggests that the final one percent of his wealth might eventually be inherited by his three grown-up offspring: Phoebe, Rory, and Jennifer.
Describing the foundation's accomplishments, he stated, "I feel profound pride in all that we have achieved during our initial quarter-century."
We played a crucial role in establishing Gavi and the Global Fund, entities that revolutionized how global health initiatives procure and distribute life-saving resources such as vaccines and antiretroviral treatments. Collectively, these organizations have rescued over 80 million lives up until now. In collaboration with Rotary International, we've also been instrumental in rejuvenating efforts toward eradicating polio.
We backed the development of a novel rotavirus vaccine that has cut down child deaths caused by diarrhea by 75%. Throughout this process, we collaborated with various organizations including other foundations, nonprofits, government bodies, international agencies, and private enterprises to tackle significant challenges—committing ourselves to continuing this collaborative approach over the coming two decades.
Even after many years of influence, the Gates Foundation has faced critique from individuals who argue that Gates wields excessive control over decisions related to global health financing.
However, during an interview with the Associated Press on Thursday, he stays unfazed, stating that just as any ordinary person, he has the right to decide how to use his own income.
"I believe that 20 years strikes the right balance between contributing as much as possible to advance these initiatives and providing ample warning that this funding will soon come to an end," he stated.
Provided by Syndigate Media Inc. ( Syndigate.info ).
