Bill Gates pledges remaining fortune to Gates Foundation, which will close in 2045

Bill Gates revealed on Thursday that he now intends to transfer "virtually all" of his wealth — around $200 billion — over the next 20 years, before closing the foundation on December 31, 2045.

The promise is one of the greatest philanthropic gifts ever made, surpassing the previous contributions of entrepreneurs such as John D. Rockefeller and Andrew Carnegie when adjusted for inflation. Only Berkshire Hathaway investor Warren Buffett's commitment to give his fortune, estimated by Forbes at $160 billion, might be bigger depending on stock market swings.

Gates wants to accelerate the foundation’s work on global health and equity initiatives and hopes the move will set a model for other billionaires, he said in a blog post published Thursday morning. The pledge adds to Gates' track record of encouraging charity. In 2010, he co-founded the Giving Pledge with ex-wife French Gates and Warren Buffett to urge affluent individuals to leave the majority of their fortunes to philanthropic organizations, either during their lifetimes or through wills.

The billionaire philanthropist also announced that the organization would cease operations on December 31, 2045, sooner than expected.

"People will say a lot of things about me when I die, but I am determined that 'he died rich' will not be one of them," Gates wrote in the blog post. "There are too many urgent problems to solve for me to hold onto resources that could be used to help people."

"That is why I have decided to give my money back to society much faster than I had originally planned," he added.

Gates stated in his blog post that the foundation, which he and his ex wife, Melinda Gates, founded in 2000, had contributed more than $100 billion. He predicted that it will donate another $200 billion over the next 20 years, including from its endowment and Gates' future personal contributions.

"The Gates Foundation’s mission remains rooted in the idea that where you are born should not determine your opportunities," Gates wrote. "I am excited to see how our next chapter continues to move the world closer to a future where everyone everywhere has the chance to live a healthy and productive life."

The Gates Foundation, one of the world’s largest philanthropies, has already given away more than $100 billion since its founding, including to develop new vaccines, diagnostic tools and treatment delivery mechanisms to fight disease around the world. Gates has accelerated the speed of his donating in recent years, particularly after the epidemic, but Thursday's declaration represents a significant acceleration in the mobilization of his riches. The Gates Foundation described it as the "largest philanthropic commitment in modern history."

The Gates Foundation will focus on three key goals over the next 20 years: putting an end to needless maternal and infant mortality, eliminating fatal infectious illnesses, and lifting hundreds of millions of people out of poverty.

Melinda French Gates and Bill Gates separated in 2021, and Buffett resigned as trustee of the Gates Foundation. They formed a new board of trustees to oversee the foundation, and French Gates departed in 2024 to work at her own group.

Despite these challenges, Gates and the foundation remain optimistic, citing technologies they have financed or ways they have helped cut the cost of treatment.

“It’s incredible to come up with these low-cost things and tragic if we can’t get them out to everyone who needs them,” Gates said. "So it's going to require renewing that commitment of those who are well off to help those who are in the greatest need."