Bill Gates speeds up charitable spending in an updated plan to give away most of his wealth by 2045

In honor of its 25th anniversary, the Gates Foundation made a major announcement. On Thursday, chair Bill Gates said he would give away most of his fortune over the next two decades.

“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,” Gates wrote in an announcement on GatesNotes.

The statement continued, “There are too many urgent problems to solve for me to hold onto resources that could be used to help people. That is why I have decided to give my money back to society much faster than I had originally planned.”

Gates explained that he would give away practically all of his fortune over the next 20 years, estimating about $200 billion in spending will occur in an effort to save and improve lives. The businessman and Microsoft cofounder said the exact amount will depend on the markets, as well as inflation.

A news release from the Gates Foundation called the plan “the largest philanthropic commitment in modern history” and said it will wind down operations circa 2045.

In his post, Gates shared that on December 31, 2045, the foundation will cease all operations.

An accelerated timeline for a world on fire

Gates noted that the plan is a major shift away from the foundation’s original plan to sunset 20 years after his and his ex-wife Melinda Gates’s deaths.

Post-divorce, Melinda French Gates has given away a hefty share of her own wealth, pledging over $1 billion to organizations supporting women and girls.

In Bill Gates’s statement, he also outlined three major goals for the accelerated spending plan:

• “help end preventable deaths of moms and babies”
• “ensure the next generation grows up without having to suffer from deadly infectious diseases”
• “lift millions of people out of poverty, putting them on a path to prosperity”

“The Gates Foundation’s mission remains rooted in the idea that where you are born should not determine your opportunities,” Gates wrote in his statement Thursday. “I am excited to see how our next chapter continues to move the world closer to a future where everyone everywhere has the chance to live a healthy and productive life.”