Bill Gates, the renowned co-founder of Microsoft and philanthropist, has announced a bold plan to donate almost all of his personal wealth over the next two decades. This comes amid a global backdrop of slashed international aid budgets, notably by the United States.
Gates’ Vision for Global Change
In a recent statement, Gates pledged to contribute approximately $200 billion through his charitable foundation by 2045. He emphasised the urgent need for action, particularly to end preventable deaths among children and mothers and to eradicate diseases like polio and malaria.
- Foundation’s annual budget projected to reach $9 billion by 2026
- Focus on programmes like Gavi and the Global Fund
- Closing of the Gates Foundation on 31 December 2045
Targeting Aid Cuts and Accountability
Gates did not hold back in his criticism of other wealthy individuals, specifically calling out Elon Musk for contributing to funding cuts at the US Agency for International Development (USAID). “The picture of the world’s richest man killing the world’s poorest children is not a pretty one,” Gates remarked.
These budget cuts pose a dire threat to global health, with Gates warning of a potential rise in mortality rates if the current trend continues over the next few years. He expressed concerns that progress made in reducing poverty and disease would be undone without adequate governmental support.
Looking Towards the Future
His commitment comes at a pivotal moment, as he aims to accelerate spending to address several pressing global challenges. Despite the foundation’s power, Gates believes government backing is essential for lasting progress.
“I hope other wealthy people consider how much they can accelerate progress for the world’s poorest if they increased the pace and scale of their giving,” he said.
The Legacy of Philanthropy
Since its inception in 2000, the Gates Foundation has disbursed around $100 billion, saving millions of lives along the way. While some criticize the foundation for its significant influence without accountability, Gates remains focused on his mission.
“There are too many urgent problems to solve for me to hold onto resources that could be used to help people,” he shared on his website. With his fortune currently valued at approximately $108 billion, Gates intends to ensure that the majority goes towards helping those in need before the foundation’s closure.