Bill Gates recently stated that he wants his bank balance to look completely different in the next 20 years. If everything goes as planned, his fortune — currently almost $114 billion — will drastically reduce, coming much closer to zero.
In a blog post published on Thursday, Gates revealed that he’s fast-tracking his commitment to donate 99% of his wealth to the Bill & Melinda Gates Foundation, which will use the funds to tackle global health issues. By 2045, the foundation will officially shut down. Its goal is to make a meaningful impact now, at a time when the world is facing serious challenges.
Though the actual amount to be spent depends on the economy and inflation, Gates mentioned that over $200 billion will likely be used between now and 2045.
According to the Microsoft co-founder, this new timeline is a response to the many urgent issues affecting the world. The foundation has already made important progress in fighting diseases like HIV/AIDS, malaria, tuberculosis, and polio, as well as promoting child health through vaccines.
Now approaching 70, Gates is entering a new stage of life.
He wrote, “People will say a lot when I’m gone, but I’m determined that ‘he died rich’ won’t be one of them. There are too many pressing problems for me to keep money that could be saving lives.”
Initially, the plan was for the foundation to continue operating for 20 years after his death. But with input from its board, Gates has decided to speed things up — doubling how much they give out and intensifying efforts in health, education, poverty reduction, and climate change.
After speaking with the board, he shared, “I now believe we can meet our goals faster, especially if we increase funding for key areas and give our partners more certainty.”
Even with all this generosity, Gates says he’ll still be financially secure.
“I’ll still be comfortable,” he assured.
He also hopes other wealthy individuals will follow his example.
This method — now called “the Gates approach” — involves funding scientific work to eliminate diseases, supporting governments in rolling out vaccinations, and using data and technology to make operations more efficient.
Gates concluded by saying, “Our foundation’s mission is still guided by the belief that your birthplace shouldn’t decide your future. I look forward to seeing how our work in this next phase brings the world closer to a reality where everyone has a fair chance to live well and achieve their potential.”
Under this new plan, the foundation will focus on three main targets: ensuring no mother or child dies from preventable causes, wiping out deadly infectious diseases, and helping hundreds of millions of people rise out of poverty.
