In a move that reshapes the future of one of the world’s most influential philanthropic organizations, Bill Gates announced today that the Bill & Melinda Gates Foundation will sunset its operations within the next 20 years.
Gates, the Microsoft co-founder turned billionaire philanthropist, revealed that he intends to donate 99% of his wealth, currently valued at around $107 billion, to the foundation. Over the next two decades, the foundation is projected to spend more than $200 billion in pursuit of its mission before closing its doors for good.
“This decision comes at a moment of reflection for me,” Gates wrote on his blog, Gates Notes. “This year marks several milestones: the 25th anniversary of the foundation, what would have been my dad’s 100th birthday, he helped start the foundation, Microsoft’s 50th anniversary, and my 70th birthday in October.”
Gates’ commitment is expected to be the second-largest philanthropic gift in U.S. history when adjusted for inflation, following that of Warren Buffett, whose net worth stands at roughly $160 billion.
Until now, the Gates Foundation was set to dissolve 20 years after Gates’ death. The change signals a major shift, especially as the 69 year old appears to be in good health. The updated timeline compresses the foundation’s work into a more urgent timeframe.
Since its founding 25 years ago, the Gates Foundation has already invested over $100 billion in initiatives spanning global health, education, gender equality, and poverty alleviation. Many of its programs have focused on improving lives in low-income countries, especially by tackling deadly diseases like malaria.
The announcement comes at a time when U.S. foreign aid has been reduced under recent political shifts. For comparison, USAID, a government agency affected by these cuts, once managed over $35 billion annually. The Gates Foundation plans to allocate about $9 billion per year until its closure in 2045.
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