Bill Gates Giving Away Nearly All His $200 Billion Fortune to Charity, Shuts Down Gates Foundation
Billionaire philanthropist, Bill Gates has revealed plans to give away nearly all of his estimated $200 billion fortune to charity, retaining only 1% for personal use.
The declaration came alongside news that the Bill and Melinda Gates Foundation, one of the most influential philanthropic organizations in modern history, will be formally shut down.
“The wealth I’ve accumulated is far beyond what any one person needs. It’s time to let it go—to fuel innovation, fight inequality, and support those working at the grassroots level around the world,” Gates said in a public statement released early Friday.
A Legacy of Giving
Founded in 2000 by Bill Gates and his then-wife, Melinda French Gates, the Gates Foundation has contributed more than $75 billion to initiatives across the globe, focusing on public health, education, poverty alleviation, and climate change.
The foundation has been instrumental in the fight against malaria, polio, HIV/AIDS, and most recently, in funding COVID-19 vaccine distribution in low-income countries.
With offices and partnerships spanning dozens of countries, the foundation became a model for modern philanthropy and a central force in addressing some of the world’s most complex challenges.
Though Gates has long pledged to donate the majority of his wealth, today’s move marks a significant acceleration. Sources familiar with the plan indicate that the bulk of Gates’ fortune will be redistributed to smaller, decentralized organizations with a proven impact at the local and community level.
Rather than housing resources under a single institution, Gates reportedly wants to empower a “global network of changemakers” working independently to address inequity and crisis across continents.
The closure of the Gates Foundation, which employed over 1,700 people and held assets exceeding $70 billion, will take place over the coming year. A portion of the staff and infrastructure may be transitioned into a new, independent advisory council aimed at guiding future philanthropic leaders.
Melinda French Gates, who co-founded the foundation and has continued her own philanthropic work post-divorce, has not yet commented on the announcement.
The bold move has sparked a wide range of reactions in both financial and philanthropic circles.
While many have praised Gates for taking decisive action to democratize wealth, critics have raised concerns about the loss of a centralized organization with global influence and reach.
“This is a radical act of trust in humanity,” said Amina Jaber, a nonprofit director in Kenya who partnered with the Gates Foundation on health initiatives. “But it also leaves a huge gap that no single group can easily fill.”
What’s Next for Gates?
Though stepping back from formal philanthropy, Gates said he intends to remain active as a mentor and advisor in global development, science, and technology. His personal website will reportedly host a live tracker showing the progress of his wealth redistribution efforts.
