Microsoft co-founder Bill Gates has announced a historic philanthropic commitment, pledging to donate 99% of his wealth—currently valued at over $100 billion—to the Bill & Melinda Gates Foundation, which he revealed will shut down operations by December 31, 2045.

This decision accelerates the foundation’s original plan to wind down two decades after Gates’s death. The move marks one of the largest philanthropic pledges in modern history, second only to Warren Buffett’s plan to give away his estimated $160 billion fortune.

“It’s kind of thrilling to have that much to be able to put into these causes,” Gates said in an interview.

Faster Giving to Tackle Urgent Problems

In a recent blog post, Gates emphasized the urgency of today’s global challenges. “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,” he wrote.

According to Gates, the foundation has already spent over $100 billion and now plans to disburse an additional $200 billion over the next two decades. The final phase of the foundation will focus on three core areas: eliminating preventable maternal and child deaths, eradicating infectious diseases like malaria and measles, and lifting millions out of poverty.

“The Gates Foundation’s mission remains rooted in the idea that where you are born should not determine your opportunities,” Gates wrote. He believes that with strategic focus and continued board guidance, the foundation can achieve its goals on a shorter timeline.

A Legacy of Impact

Founded in 2000 by Bill and Melinda French Gates, the Gates Foundation has become one of the world’s most influential philanthropic organizations, particularly in global health and development. Following the couple’s divorce in 2021, Melinda French Gates left to pursue her own philanthropic efforts.

Warren Buffett, who contributed nearly 41% of the foundation’s total funds, recently announced he would bequeath his remaining wealth to a charitable trust run by his children. “Warren, it’s hard to overstate the impact he’s had on me,” Gates said.

The foundation will maintain an annual budget of approximately $9 billion until its closure, with a sharpened focus on high-impact initiatives. CEO Mark Suzman stressed the importance of prioritizing strategic investments: “Are you actually putting your resources, your thumb down, on what are going to be the biggest, most successful bets rather than scattering it too thinly?”

Challenges in a Changing World

Gates’s announcement comes at a time of rising skepticism toward foreign aid, especially in donor countries like the U.S., U.K., and France. He expressed concern over recent aid cuts, warning that global health and development progress could be at risk.

In a pointed critique, Gates condemned billionaire Elon Musk for supporting U.S. aid reductions. “The picture of the world’s richest man killing the world’s poorest children is not a pretty one,” Gates told.

Despite these global challenges, Gates remains hopeful. “Somebody should try and save more lives than I did, and give more money than I did,” he said.

As he reflected on his legacy, Gates stated firmly, “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.”