INDIAN WELLS, California — Bill Gates has declared his intention to allocate 99% of his wealth to the Gates Foundation, with the plan to exhaust these funds over the next two decades. The strategic dispersal of resources will empower the foundation to utilize an additional $200 billion before its anticipated closure in 2045. Gates outlined the strategic timeline and intent behind this monumental financial commitment.
“There remains a small portion reserved for my children, and enough to ensure my personal needs are met,” Gates explained. Even his investments aimed at combating climate change have their profits channeled back into the foundation.
In a series of discussions, Gates elaborated on the foundation’s past achievements and upcoming objectives. He stressed the foundation’s role in contributing to significant societal advancements. Gates mentioned his eagerness for others to exceed his philanthropic contributions, saying, “It would be wonderful to see others surpass my efforts in terms of taxes paid and lives saved. I am optimistic that there are future philanthropists who can outdo my achievements.”
Regarding the decision to conclude the foundation’s work by 2045, Gates noted, “The 20-year horizon balances the urgency of combating global challenges with giving others a heads-up about the eventual depletion of these funds. We aim for key diseases to be completely eradicated by then, rendering diseases like malaria and polio obsolete terms.”
Gates also highlighted the influential role of his friend Warren Buffett, who has been a consistent and staggeringly generous supporter of the foundation. “Warren’s contribution is among the most generous ever, demonstrating immense confidence in our mission. His influence is profound, and I’m grateful for our friendship and his wisdom,” commented Gates.
The discussion also touched on the Giving Pledge, initiated by Gates, Buffett, and Melinda French Gates in 2010, to encourage billionaires to donate more than half of their wealth. Gates emphasized, “While not everyone has joined this initiative yet, there’s a growing awareness around the significance of reinvesting wealth back into society for the greater good.”
Gates expressed concerns over reduced health and foreign aid funding from countries like the United States. “The shrinking resources for global assistance, due to various factors including demographic changes and geopolitical tensions, is a significant challenge,” Gates remarked. Despite these obstacles, he remains hopeful, noting the development of innovative solutions for major health issues like HIV prevention and mosquito control.
Gates addressed the absence of public influence on the foundation’s operations, acknowledging, “There’s always room for more critique and input into our approaches, especially concerning malnutrition and funding challenges. We welcome discourse that can guide us towards even greater efficacy.”
Reflecting on Melinda French Gates’ departure from the foundation, Gates had high praise for her contributions, highlighting her role in establishing strong partnerships and guiding the foundation’s early years. “Her impact has been tremendously positive, and while we hoped she’d continue, she’s chosen to pursue her philanthropic passions independently.”