On Thursday, Bill Gates announced his commitment to donate nearly his entire personal fortune, amounting to $200 billion, through his foundation by the year 2045. This pledge comes at a time when international aid is being drastically reduced by governments around the world, impacting the poorest communities. During the announcement, Gates sharply criticized Elon Musk, the world’s wealthiest individual, for his role in cutting the United States aid budget. He described the consequences of these cuts as detrimental to the poorest children globally, stating, “The picture of the world’s richest man killing the world’s poorest children is not a pretty one.”
Gates pointed out that under Musk’s leadership, the Department of Government Efficiency has led to significant reductions in funding from the U.S. Agency for International Development (USAID), which has historically provided crucial aid including vaccines and food assistance. Gates emphasized his urgency to accelerate the process of donating his wealth and announced plans to close the Gates Foundation by December 31, 2045. He expressed his desire to be remembered for more than just accumulating wealth, declaring, “There are too many urgent problems to solve for me to hold onto resources that could be used to help people.” In his statement, Gates also highlighted the need for continued government support alongside his foundation’s efforts, especially in combating preventable diseases and reducing poverty.
He acknowledged the challenges posed by recent cuts to aid from major donor nations, including the U.S., U.K., and France. Since its inception, the Gates Foundation has donated $100 billion and aims to spend an additional $200 billion by 2045, dependent on economic conditions. By 2026, the foundation’s budget is expected to reach $9 billion annually, making it a formidable entity in global health initiatives. Despite facing criticism for its substantial influence, Gates remains hopeful that other wealthy individuals will join him in accelerating philanthropic efforts for the benefit of society.