Noreen Shazreen, Author at Goody Feed

Bill Gates, the co-founder of Microsoft, announced yesterday (8 May 2025) that he will donate 99% of his wealth over the next two decades, with his foundation set to close by the end of 2045. In a blog post published on Thursday, the 69-year-old billionaire declared his intention to accelerate his philanthropic efforts through the Gates Foundation. "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," he says. Billions Already Donated, More to Come The Microsoft founder revealed that his foundation has already contributed US$100 billion (~S$135 billion) to various health and development initiatives since its inception. Gates now anticipates an additional expenditure of US$200 billion (~S$270 billion) over the next 20 years, depending on market conditions and inflation. "It's kind of thrilling to have that much to be able to put into these causes," Gates said in an interview with The Associated Press. This pledge ranks among the largest philanthropic gifts in history, surpassing the historic contributions of industrialists like John D. Rockefeller and Andrew Carnegie when adjusted for inflation. Only Warren Buffett's pledge to donate his fortune - currently estimated by Forbes at US$160 billion (~S$216 billion) - may ultimately be larger, depending on stock market fluctuations. Path to Zero Wealth According to the Bloomberg Billionaires Index, Gates currently ranks as the fifth wealthiest individual globally. The announcement signals both a promise of sustained support to global health and education causes and an eventual end to the foundation's worldwide influence. Gates explained that the 20-year timeframe strikes the right balance between maximising impact now and giving adequate notice that the foundation will eventually close. Foundation's Future Focus The Gates Foundation was established in 2000 by Gates and his former spouse, Melinda French Gates, who left the foundation last year following their divorce in 2021. In the upcoming two decades, the foundation will focus on three primary objectives: preventing avoidable deaths among mothers and infants, eradicating deadly infectious diseases, and lifting hundreds of millions out of poverty worldwide. Criticism of Foreign Aid Cuts Gates has also been vocal about his concerns regarding cuts to foreign aid budgets by wealthy nations like the United States, the United Kingdom, and France. In a direct conversation with the Financial Times, Gates criticised Elon Musk, CEO of Tesla and head of the Department of Government Efficiency in the Trump administration, for contributing to child fatalities due to cuts to the US aid budget. Gates Foundation CEO Mark Suzman noted that the world is currently facing "the toughest political and economic challenges to our mission since our inception". Optimism Despite Challenges Despite these challenges, Gates expressed optimism in his blog post that advancements in artificial intelligence, alongside his philanthropy, could enhance the pace of progress. The announcement comes shortly after Microsoft, now valued at over US$3 trillion (~S$4.05 trillion), celebrated its 50th anniversary. "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," Gates stated. Gates' Legacy of Giving Together with Paul Allen, Gates established Microsoft in 1975, which became a leading entity in the software and technology sectors. Throughout the 21st century, Gates has gradually distanced himself from the business, stepping down as CEO in 2000. In 2010, Gates, along with his ex-wife Melinda French Gates and Warren Buffett, initiated the Giving Pledge, encouraging affluent individuals to donate a significant portion of their wealth to charitable endeavours. The initiative now boasts over 240 participants. Gates referenced an 1889 essay by industrialist Andrew Carnegie titled The Gospel of Wealth, which posits that affluent individuals have a responsibility to give back to society. Philanthropy Cannot Replace Government Aid Despite his increased contributions, Gates noted that philanthropists cannot fill the substantial gaps left by the multibillion-dollar cuts to foreign aid from the US and other affluent nations. "No philanthropic organisation — even one the size of the Gates Foundation — can make up the gulf in funding that’s emerging right now," he stated.