Bill Gates Speeds Up Philanthropy: The Gates Foundation to Close by 2045
Gates will not end his life with vast wealth
Tech billionaire and Microsoft co-founder, Bill Gates, has decided to accelerate the distribution of his wealth to charitable causes. The Bill & Melinda Gates Foundation, the world's largest private foundation, will ramp up its spending and aims to close its doors forever by the end of 2045.
The Seattle-based foundation has set a goal to provide a total of $200 billion over the next 20 years for global health initiatives, fighting extreme poverty, and eradicating infectious diseases, among other causes[1][2]. The foundation's board of directors has approved the new timeline by amending the charter.
"There are too many urgent problems that demand our attention and resources," Gates wrote, emphasizing the urgency of deploying wealth to address global issues[1]. He further expressed his intention to ensure he "did not die rich."
The Gates Foundation was established 25 years ago, and this year marks significant milestones, including its 25th anniversary, the year Gates' father would have turned 100, and Microsoft's 50th anniversary, as well as Gates' 70th birthday in October[3].
- Bill Gates, Philanthropist Extraordinaire
- The Gates Foundation
- Global Philanthropy
- Socio-Economic Development
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Key points to note about the Gates Foundation's accelerated philanthropic efforts include:
- Timeline: The foundation plans to wind up its operations by December 31, 2045, with an approximate timeframe of 20 years remaining[1][2].
- Donation amount: The foundation aims to allocate approximately $200 billion over the next two decades. From this amount, $77 billion is expected to come from the foundation's current endowment, while the rest, around 99% of Bill Gates' personal wealth, is expected to be allocated from his remaining wealth[1][2].
- Focus areas: The foundation plans to focus intensively on objectives such as eliminating preventable deaths among mothers and children, fighting infectious diseases like polio, malaria, HIV/AIDS, tuberculosis, and addressing poverty[1].
- Philanthropic philosophy: Bill Gates' philanthropic philosophy is influenced by Andrew Carnegie's principle, which states that "the man who dies thus rich dies disgraced." Gates wants to avoid the label of "dying rich"[1][2].
In summary, the foundation will step up its philanthropic efforts to approximately double its contributions to nearly $200 billion before winding down operations in 2045. This move exemplifies a shift towards a more urgent and outcome-focused philanthropic approach.
- The Gates Foundation, with a goal to close by 2045, plans to expedite the distribution of wealth from billionaire Bill Gates, aiming to dedicate $200 billion over the next 20 years towards global health initiatives, fighting extreme poverty, and eradicating infectious diseases.
- The Seattle-based philanthropic foundation, as part of its intensified efforts, will focus on objectives such as eliminating preventable deaths among mothers and children, and combating infectious diseases like polio, malaria, HIV/AIDS, and tuberculosis.
- Despite the foundation's ambitious timeline, only a fraction of the required funding will come from the foundation's current endowment, with the majority being allocated from Bill Gates' personal wealth.
- Bill Gates, driven by a philosophy influenced by Andrew Carnegie's principle, aims to avoid the label of "dying rich," and has expressed the urgency of deploying wealth to address global issues with momentum and conviction.
