Billionaire philanthropist Bill Gates has announced that the Bill & Melinda Gates Foundation will shut down in 2045, following the planned donation of 99% of his remaining $107 billion wealth.

In an exclusive interview with the Associated Press, Gates said the decision will allow the foundation to spend an additional $200 billion over the next 20 years, accelerating its global work in health, poverty alleviation, and education.

“I think 20 years is the right balance between giving as much as we can to make progress on these things and giving people a lot of notice that now this money will be gone,” Gates said.

Historic Philanthropy

Gates’ pledge ranks as one of the largest philanthropic commitments in history, surpassing donations made by John D. Rockefeller and Andrew Carnegie.

Since its founding in 2000, the foundation has already spent $100 billion on critical global initiatives including:

• Creating Gavi, the vaccine alliance
• Supporting the Global Fund to fight HIV, TB, and malaria
• Funding sanitation, education, and disease research

The foundation’s funding has come largely from Gates’ Microsoft wealth and fellow billionaire Warren Buffett, who has contributed 41% of the total funds.

Gates described the foundation as his “second and final career”, stating that the impact of their work in underserved countries has deeply shaped his mission.

Gates also urged other billionaires to step up.

He said: “I’d love to be beat in all of this work. Somebody should try and pay more taxes than I did, save more lives than I did, and give more money than I did.”

The 2045 wind-down will be gradual, with continued investment in scientific innovation, healthcare access, and education for low- and middle-income countries.