Bill Gates, co-founder of Microsoft, has committed to donating 99% of his remaining wealth—valued at over $100 billion—to the Bill & Melinda Gates Foundation. He also announced that the foundation will close by December 31, 2045, a shift from its original plan to shut down two decades after his death. This move stands among the most significant philanthropic pledges ever made, rivaled only by Warren Buffett’s intent to give away his $160 billion fortune, market conditions permitting.

"It's exciting to have the capacity to make such a large impact," Gates told the Associated Press. In a recent blog post, Gates expressed a sense of urgency: “There are too many pressing challenges in the world to justify holding onto wealth that could help address them.” He explained that this decision reflects his desire to speed up the foundation’s timeline and increase its impact.

So far, the Gates Foundation has spent over $100 billion and now plans to distribute an additional $200 billion over the next two decades. The aim is to channel resources quickly into critical areas such as public health, disease prevention, maternal and child survival, and poverty reduction. Gates emphasized three key goals for the foundation's final phase: preventing deaths among mothers and children, eliminating infectious diseases like measles and malaria, and significantly reducing global poverty. “Where you're born shouldn't determine your future,” he wrote, adding that with input from the foundation’s board, he's confident they can achieve their mission sooner by making bold, targeted investments.

Established in 2000 by Gates and his former wife, Melinda French Gates, the foundation has become a leading force in global health and development. After their divorce in 2021, French Gates launched her own philanthropic initiative. Buffett, another major contributor to the foundation, has said his remaining wealth will go to a charitable trust run by his children. Around 41% of the foundation’s funding has come from Buffett, with the rest primarily from Gates's Microsoft holdings. “Warren’s influence on me is immense,” Gates said.

Until its closure, the foundation plans to operate with an annual budget of about $9 billion. CEO Mark Suzman stated that the focus will shift toward making fewer, high-impact investments. “We need to ensure we’re betting on efforts with the greatest potential instead of spreading our resources too thin,” he said. Gates’s announcement arrives during a period of declining global aid contributions, especially from countries like the US, UK, and France. He warned that these reductions could reverse progress in global health and development. He also criticized Elon Musk for backing deep cuts in US foreign aid, telling the Financial Times, “It’s a grim image to see the wealthiest man in the world undercutting support for the poorest.”

Despite growing challenges, Gates remains hopeful that the foundation’s efforts will drive meaningful, lasting change. “I want someone to outdo me—save more lives, give away more money,” he said. “People will say many things about me after I’m gone, but I’m determined that ‘he died rich’ won’t be one of them.”