Bill Gates is giving it all away: 99% of his fortune pledged, foundation to wind down in 20 years

Bill Gates announced Thursday that he will donate 99% of his remaining fortune, currently estimated at $107 billion, to the Bill & Melinda Gates Foundation, which will now shut down in 2045, earlier than originally planned.

The pledge ranks among the largest philanthropic commitments in history, surpassing those of iconic industrialists like John D. Rockefeller and Andrew Carnegie when adjusted for inflation. Only Warren Buffett’s promise to give away his estimated $160 billion fortune may rival it, depending on market fluctuations. Gates' donation, delivered over time, will allow the foundation to spend an additional $200 billion over the next 20 years.

“It’s kind of thrilling to have that much to be able to put into these causes,” Gates said in an interview with The Associated Press.

Founded in 2000 by Bill Gates and Melinda French Gates, the foundation has spent more than $100 billion in 25 years, influencing global health policy, advancing scientific research, and partnering with companies and governments to make medical treatments more accessible to low- and middle-income countries. About 41% of its funding has come from Buffett, with the rest from Gates’ Microsoft fortune.

The foundation’s reach—particularly in global health—has earned it praise for reducing childhood deaths and helping develop vaccine distribution networks like Gavi, while also drawing criticism for the immense influence a private foundation wields on public health.

“Is that a bad thing? It’s not an important cause? People can criticize it,” Gates said. “But the foundation will stick to its global health work.”

The foundation’s CEO, Mark Suzman, emphasized that while they don’t take credit for the nearly 50% reduction in childhood deaths between 2000 and 2020, their contributions were “catalytic.” Looking ahead, the foundation will prioritize polio eradication, malaria control, and malnutrition reduction. Annual spending will stabilize at $9 billion, a flattening after years of growth since Buffett began contributing in 2006.

Previously, the foundation had planned to operate for two decades after Gates’ death. With this shift, Gates said, “I think 20 years is the right balance between giving as much as we can to make progress on these things and giving people a lot of notice that now this money will be gone.”

Gates, now 69, called the foundation “his second and final career.”