On Thursday, Bill Gates pledged to give away nearly all of his personal wealth over the next two decades, with the world’s poorest set to receive $200 billion via his foundation at a time when global governments are slashing international aid.
Gates, the 69-year-old Microsoft co-founder and philanthropist, also criticized Tesla’s owner Elon Musk, the world’s richest man and a key figure in President Donald Trump’s administration, accusing him of “killing the world’s poorest children” due to severe cuts to the United States aid budget.
“The picture of the world’s richest man killing the world’s poorest children is not a pretty one,” Gates told the Financial Times. He pointed to the Musk-led Department of Government Efficiency, which has decimated the US Agency for International Development (USAID), a major provider of funding for vaccines, emergency food assistance, and other aid.
Although Gates and Musk once shared similar views on the role of the wealthy in giving, their relationship has since soured.
Gates announced plans to accelerate the divestment of his fortune and close the Gates Foundation by December 31, 2045. “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 a post on his website.
“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 indirectly rebuked Trump’s administration for slashing aid since taking office in January. He expressed his commitment to helping stop preventable deaths among newborns, children, and mothers, eradicate diseases like polio, malaria, and measles, and reduce global poverty.
Gates added that it was uncertain whether the world’s wealthiest nations would continue to support the poorest people, referencing cuts from major donors such as the U.S., Britain, and France.
Gates emphasized that, despite the foundation’s vast resources, progress would not be possible without government support. He commended some African governments for reallocating budgets in response to aid cuts but noted that polio would not be eradicated without U.S. funding.
Gates made his announcement on the 25th anniversary of the foundation, which he co-founded in 2000 with his then-wife, Melinda French Gates, and later joined by investor Warren Buffett. “I have come a long way since I was just a kid starting a software company with my friend from middle school,” he said.
Since its inception, the Gates Foundation has distributed $100 billion, supporting initiatives such as the vaccine group Gavi and the Global Fund to Fight AIDS, Tuberculosis, and Malaria. Gates stated that the foundation would close once it has spent around 99% of his personal fortune, a figure expected to total approximately $200 billion by 2045, depending on market conditions and inflation.
The foundation is already a major player in global health, with an annual budget expected to reach $9 billion by 2026. Despite its influence, the foundation has faced criticism over its disproportionate power in global health, particularly regarding its lack of accountability, including at the World Health Organization. Gates himself has also been the target of conspiracy theories, especially during the COVID-19 pandemic.
Recently, Gates has held several discussions with Trump about the importance of continued global health investment. “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, because it is such a profoundly impactful way to give back to society,” Gates concluded.
