Bill Gates Plans to Shut Down Foundation and Donate Entire Wealth by 2045

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Bill Gates is giving away all his wealth, and he's doing it faster than originally planned. "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," the billionaire Microsoft founder said in a post on his blog. According to Gates' plan, his net worth should drop 99 percent over the next two decades, from the $108 billion he owns now, to "virtually" zero. Gates also mentioned that the Gates Foundation will "permanently" close its doors on Dec. 31, 2045 — a change of plans, considering that the organization was originally supposed to shut down several decades after Gates and his ex-wife Melinda had passed away.

Gates stated that he now believes the foundation's goals can be achieved on a shorter timeline, planning to give away more than $200 billion to charity between now and 2045. The foundation's primary objectives will include ending preventable deaths of mothers and infants, eradicating deadly infectious diseases, and lifting "millions" of people out of poverty. The Gates Foundation, established by Bill and Melinda in 2000, has contributed over $100 billion for charitable causes to date. 

Bill Gates' commitment to giving away all his wealth isn't new. Alongside billionaire Warren Buffett and Melinda Gates, Bill introduced the Giving Pledge campaign in 2010, encouraging wealthy individuals to donate a majority of their wealth to philanthropic efforts. Although Gates has already donated around $60 billion of his fortune to the Foundation, he remains very wealthy (according to Bloomberg data, he's the fifth richest person in the world, with a net worth reported at $168 billion, though he claims it is $108 billion), partly due to the growth of his investments. Now, he intends to donate at a much faster pace.

"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 wrote.