Bill Gates Announces Plan To Close The Gates Foundation, Says He'll Give Away 'Virtually All' Of His Wealth Over The Next 20 Years

• Bill Gates announced plans to close the Gates Foundation in 2045
• The Microsoft founder says he intends to give away 99% of his $168 billion fortune through the organization over the next 20 years
• The announcement comes weeks after Microsoft celebrated its 50th anniversary

Bill Gates on Thursday announced plans to close the Gates Foundation in 20 years.

In a lengthy post on his website, the Microsoft MSFT co-founder wrote, "I will give away virtually all my wealth through the Gates Foundation over the next 20 years to the cause of saving and improving lives around the world. And on December 31, 2045, the foundation will close its doors permanently."

Don't Miss:

• ‘Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. You can invest today for just $0.30/share with a $1000 minimum.
• Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — this is your last chance to become an investor for $0.80 per share.

Bill Gates and Melinda French Gates established the Gates foundation in 2000. Originally, Gates said that the plan was for the organization to continue its work for decades after the pair's deaths. But significant milestones, like the foundation's 25th anniversary, and the current state of the world, have changed his mind.

"The Gates Foundation's mission remains rooted in the idea that where you are born should not determine your opportunities. 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," he said.

To date, the foundation has given away $102.3 billion, according to its website. Under this new plan, spending over the next several years will skyrocket. 

Trending: Are you rich? Here’s what Americans think you need to be considered wealthy.

"Over the next two decades, we will double our giving. The exact amount will depend on the markets and inflation, but I expect the foundation will spend more than $200 billion between now and 2045. This figure includes the balance of the endowment and my future contributions," Gates said.

Today's Best Finance Deals

In particular, Gates said that he wants to see spending focused on global health and equity initiatives. 

The tech luminary also said that he hopes this decision will inspire other billionaires to give more while they're living. In 2010, Gates, French Gates, and Warren Buffett launched the Giving Pledge, a charitable campaign that encourages wealthy people to do just that. It currently has more than 240 members.

"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. There are too many urgent problems to solve for me to hold onto resources that could be used to help people," he said in the post.

See Also: Many are surprised by Mark Cuban's advice for lotto winners: Cash or annuity?

According to the Bloomberg Billionaires Index, Gates is worth $168 billion. In the announcement, he said that he plans to give away 99% of his wealth over the next two decades.

Melinda French Gates exited the Gates Foundation last year, following the couple's divorce in 2021. In 2022, The Wall Street Journal reported that French Gates would not be giving away the bulk of her $15.2 billion fortune through the Gates Foundation, opting instead to spread her giving across a number of philanthropic organizations. 

"Today's announcement almost certainly marks the beginning of the last chapter of my career, and I'm okay with that," Bill Gates said in his Thursday post. " As Microsoft turns 50 years old, it feels right that I celebrate the milestone by committing to give away the resources I earned through the company."

Read Next:

• The team behind $6B+ in licensing deals is now building the next billion-dollar IP empire — invest early at $2.25/share.
• Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Many are rushing to grab 4,000 of its pre-IPO shares for just $0.30/share!

Image: Shutterstock