Saudi Press

Saudi Arabia and the world
Sunday, May 18, 2025

Bill Gates Announces Plan to Wind Down Philanthropic Foundation and Disperse Wealth

The billionaire aims to distribute nearly all of his fortune over the next two decades, while addressing global issues.
In a recent public announcement, Bill Gates, co-founder of Microsoft and prominent philanthropist, revealed plans to close the Gates Foundation by December 31, 2045, and to give away nearly all of his personal wealth over the next 20 years.

Gates, who is currently estimated to have a net worth of $168 billion, expressed his determination not to be remembered as someone who died wealthy.

He stated, "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," reflecting his commitment to addressing pressing global challenges.

Since its establishment in 2000, the Gates Foundation has contributed over $100 billion to various global causes, focusing on eradicating diseases, alleviating poverty, combating climate change, and improving access to healthcare and education.

Gates has set an ambitious goal of doubling the foundation's total contributions to $300 billion by 2045, contingent on factors such as inflation and market performance.

He plans to increase the foundation's annual budget from $6 billion to $9 billion.

Gates outlined specific objectives for the next two decades, which include reducing maternal and child mortality from preventable causes, eradicating diseases such as polio and malaria, and funding educational and agricultural initiatives in Africa aimed at lifting millions out of poverty.

However, he acknowledged the crucial role of government partnerships in achieving these goals, noting a concerning trend of significant reductions in global aid budgets, particularly in the United States.

Gates remarked, "No philanthropic organization — even one the size of the Gates Foundation — can make up the gulf in funding that’s emerging right now."



Reflecting on his philanthropic philosophy, Gates cited the influence of his late mother, who believed that substantial wealth comes with a responsibility to give back, and his late father, who co-chaired the Gates Foundation until his passing in 2020.

Gates also acknowledged the impact of fellow billionaire Warren Buffett, who is known for his extensive charitable contributions and has encouraged his family to give away the majority of their wealth.

Together, they co-founded the Giving Pledge in 2010, which has been signed by over 240 billionaires, committing them to donate the majority of their fortunes during their lifetimes.

Gates referred to Andrew Carnegie's 1889 essay "The Gospel of Wealth," highlighting the notion that "the man who dies thus rich dies disgraced," a sentiment that has motivated his philanthropic efforts.

He expressed hope that other wealthy individuals might accelerate their charitable contributions, recognizing the profound impact such actions can have on alleviating global poverty.

Despite acknowledging challenges ahead, Gates voiced optimism regarding future global conditions, particularly due to advances in technology and healthcare.

He pointed to the rapid scaling of artificial intelligence as a potential catalyst for positive change.

He stated, "I think it’s objective to say to you that things will be better in the next 20 years," while affirming his commitment to philanthropy regardless of his outlook.

Gates emphasized the importance of utilizing wealth to benefit society rather than seeking personal indulgences.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Indian jet shootdown: the all-robot legion behind China’s PL-15E missiles
The Chinese Dragon: The True Winner in the India-Pakistan Clash
Australia's Venomous Creatures Contribute to Life-Saving Antivenom Programme
The Spanish Were Right: Long Working Hours Harm Brain Function
Did Former FBI Director Call for Violence Against Trump? Instagram Post Sparks Uproar
US and UAE Partner to Develop Massive AI Data Center Complex
Apple's $95 Million Siri Settlement: Eligible Users Have Until July 2 to File Claims
US and UAE Reach Preliminary Agreement on Nvidia AI Chip Imports
President Trump and Elon Musk Welcomed by Emir of Qatar Sheikh Tamim with Cybertruck Convoy
Strong Warning Issued: Do Not Use General Chatbots for Medical, Legal, or Educational Guidance
Saudi Arabia Emerges as Global Tech Magnet with U.S. Backing and Trump’s Visit
This was President's departure from Saudi Arabia. The Crown Prince personally escorted him back to the airport.
NVIDIA and Saudi Arabia Launch Strategic Partnership to Establish AI Centers
Trump Meets Syrian President Ahmad al-Shara in Historic Encounter
Trump takes a blow torch to the neocons and interventionists while speaking to the Saudis
US and Saudi Arabia Sign Landmark Agreements Across Multiple Sectors
Why Saudi Arabia Rolled Out a Purple Carpet for Donald Trump Instead of Red
Elon Musk Joins Trump Meeting in Saudi Arabia
Trump says it would be 'stupid' not to accept gift of Qatari plane
Quantum Computing Threatens Bitcoin Security
Michael Jordan to Serve as Analyst for NBA Games
Senate Democrats Move to Censure Trump Over Qatar Jet Gift
Hamas Releases Last Living US Hostage from Gaza Amid Ongoing Conflict
India and Pakistan Agreement on Ceasefire Amid Ongoing Tensions
Trump's Upcoming Middle East Trip Excludes Israel, Raising Concerns Among Israeli Officials
Kurdistan Workers Party Announces Dissolution Amid Ongoing Conflict Resolution Efforts
Trump's Upcoming Visit to Gulf Nations: Investment and Security at the Forefront
Cardinal Robert Prevost Elected as Pope Leo XIV, Marking a Historic Papacy
India-Pakistan conflict may be first test for Chinese military tech
Bill Gates Announces Plan to Wind Down Philanthropic Foundation and Disperse Wealth
Common Sense Returns to Britain's Legal System: UK Supreme Court Declares a Woman Is… a Woman
Warren Buffett to Step Down as Berkshire CEO After Nearly 60 Years
Trump Shares AI-Generated Image of Himself as… Pope, Prompting Outrage Reaction
Amazon Launches Satellite Internet Service Amidst Competition with SpaceX
The Rush to the White Gold: Global Investment Surge in Natural Hydrogen Exploration
Trump Administration Removes National Security Adviser Mike Waltz Amid Signal Chat Controversy
Liverpool Clinches Record-Equalling 20th English League Title Under Arne Slot
Massive Explosion at Iran's Bandar Abbas Port Linked to Suspicious Chemical Shipments
Pope Francis Laid to Rest in Rome as World Leaders Attend Funeral
Not Child’s Play: How Competitive Gaming Became a Global Economic Empire
California Surpasses Japan to Become the World’s Fourth-Largest Economy
Former U.S. Congressman George Santos sentenced to eighty-seven months for wide-ranging fraud
Israel Considers Limited Strikes on Iran's Nuclear Facilities Amid Diplomatic Efforts
Saudi Arabia Offers Max Verstappen Unprecedented Deal to Join Aston Martin
Global Pistachio Shortage Amid Rising Demand for 'Dubai Chocolate'
IMF Predicts No Global Recession Amid Trade Tensions
Worldwide Markets Decline as U.S.-China Trade Frictions Intensify
OpenAI Lands Unprecedented $40 Billion Investment
Removing the Political Adversary is Dismantling What's Remaining of Turkey's Economy.
Ex-FIFA President and French Football Icon Acquitted of Corruption Allegations
×