Billionaire Bill Gates has declared he will donate 99% of his remaining technological wealth to the Gates Foundation, which will now close in 2045, earlier than previously planned. Today, the amount is estimated at approximately $107 billion.
The donation ranks among the largest philanthropic gifts ever, surpassing the historic contributions of industrialists like John D. Rockefeller and Andrew Carnegie when adjusted for inflation and donation value. Only Berkshire Hathaway investor Warren Buffett's commitment to donate his fortune, currently valued by Forbes at $160 billion, could potentially be larger depending on stock market fluctuations.
Gates' contribution will be transferred over time and will allow the foundation to spend an additional $200 billion over the next 20 years. "It's quite exciting that there's so much we can invest in these goals," Gates said in an interview with the AP news agency.
His announcement on Thursday marks both a promise of continued support for those same goals, particularly in global health and US education, and a future end to the foundation's enormous global influence. Gates says that distributing his wealth will help save and improve many lives now, which will cause positive effects beyond the foundation's closure. It also increases the likelihood that his intentions will be honored.
"I think 20 years is the right balance between giving as much as possible to advance these things, and giving people plenty of notice that eventually this money will disappear," Gates said.
During the interview with the news agency, Trump sharply criticized the world's richest man and Trump administration member, Elon Musk, saying he allows himself to kill poor children when he cuts the American aid program.
The Gates Foundation has long been unrivaled among foundations – attracting attention from both supporters and opponents alike, but also many unfounded conspiracy theories. In addition to the $100 billion it has spent since its establishment 25 years ago, it has directed scientific research, helped develop new technologies, and fostered long-term partnerships with countries and companies. About 41% of the foundation's funds to date have come from Warren Buffett, with the remainder from the wealth Gates made at Microsoft.
