Bill Gates to donate nearly all his wealth, pledges $200 billion to the poor

Investing.com -- Bill Gates, the co-founder of Microsoft (NASDAQ:MSFT) and philanthropist, has pledged to donate almost his entire personal wealth over the next two decades. He announced on Thursday that the world’s poorest would receive approximately $200 billion through his foundation. This comes at a time when international aid is being drastically reduced by governments across the globe.

The billionaire, aged 69, expressed his determination to expedite his plans to distribute his fortune and close the Gates Foundation by December 31, 2045. Gates shared his resolve on his website, stating that he doesn’t want to be remembered as someone who died rich. He emphasized that there are numerous urgent problems in the world that could be addressed using these resources.

Gates’ statement also indirectly criticized President Donald Trump’s decision to cut aid from the United States, the world’s largest donor. He expressed his desire to prevent deaths of newborns, children, and mothers due to preventable causes, eradicate diseases such as polio, malaria, and measles, and alleviate poverty.

Gates noted the uncertainty over whether the wealthiest countries would continue to support the poorest people, referring to aid cuts from major donors including the United Kingdom (TADAWUL:4280) and France. He stressed that despite the foundation’s substantial resources, progress would not be achievable without governmental support.

Gates commended the response to aid cuts in Africa, where some governments have restructured their budgets. However, he pointed out that eradicating polio, for instance, wouldn’t be possible without U.S. funding.

The announcement was made on the 25th anniversary of the Gates Foundation, which Gates established with his then-wife Melinda French Gates in 2000. They were later joined by investor Warren Buffett.

The Gates Foundation has donated $100 billion since its inception, contributing to saving millions of lives and supporting initiatives like the vaccine group Gavi and the Global Fund to Fight AIDS, Tuberculosis, and Malaria. Gates stated that the foundation would cease operations after spending approximately 99% of his personal wealth.

Gates, who currently has a net worth of around $108 billion, anticipates that the foundation will spend about $200 billion by 2045, with the final amount dependent on market conditions and inflation. The foundation, already a significant player in global health, is projected to have an annual budget of $9 billion by 2026.

Despite its substantial contributions, the foundation has been criticized for its considerable power and influence in the health sector without the necessary accountability, including at the World Health Organization. Gates himself has been the subject of conspiracy theories, particularly during the COVID-19 pandemic.

Gates has also held discussions with President Trump in recent months, emphasizing the importance of continued investment in global health. He expressed hope that other wealthy individuals would consider increasing their philanthropic efforts, as it is a profoundly impactful way to give back to society.

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