Bill Gates plans to donate all his wealth within 20 years

Bill Gates, the Microsoft co-founder, says he is giving away all his wealth over the next two decades.

The billionaire shared his plans in what he calls the final chapter of his career in an article published Thursday on his website.

Gates, who co-chairs the Bill and Melinda Gates Foundation (BMGF), explained that this decision came after a time of reflection. He announced that the foundation will permanently close on December 31, 2045.

The philanthropist said his wealth will be donated over the next 20 years to save and improve lives worldwide.

Once ranked as the world’s richest person, Gates has created innovations across many fields, including technology, health, agriculture, clean energy, climate solutions, aerospace, infrastructure, and transportation.

At 69 years old, Gates currently has a net worth of $113.8 billion according to Forbes, making him the 13th richest person globally. However, Gates himself states his net worth is $108 billion.

“When Melinda and I started the Gates Foundation in 2000, we included a clause in the foundation’s very first charter: The organisation would sunset several decades after our deaths,” he said.

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“A few years ago, I began to rethink that approach.”

“More recently, with the input from our board, I now believe we can achieve the foundation’s goals on a shorter timeline, especially if we double down on key investments and provide more certainty to our partners.”

Gates noted that his foundation has already given out over $100 billion, partly thanks to Warren Buffett’s generosity. Buffett is the CEO of Berkshire Hathaway, a major conglomerate company.

“Over the next two decades, we will double our giving,” Gates said.

“The exact amount will depend on the markets and inflation, but I expect the foundation will spend more than $200 billion between now and 2045. This figure includes the balance of the endowment and my future contributions.”

“Today’s announcement almost certainly marks the beginning of the last chapter of my career, and I’m okay with that.”

“I have come a long way since I was just a kid starting a software company with my friend from middle school.”

“As Microsoft turns 50 years old, it feels right that I celebrate the milestone by committing to give away the resources I earned through the company.”