Billionaire philanthropist Bill Gates has announced plans to donate virtually all of his wealth—approximately 99%—through the Bill & Melinda Gates Foundation, which will disburse an estimated $313 billion over the next two decades before shutting down completely in 2045.

 

According to Bloomberg, this marks a dramatic acceleration in the Foundation’s charitable efforts and sets a new timeline for the conclusion of one of the most influential philanthropic organizations in history. The foundation, co-founded by Gates and his former wife, Melinda, in 2000, has already given out more than $100 billion to global health, development, and education causes.

 

“I have decided to give my money back to society much faster than I had originally planned,” Gates, 69, said in a statement. “I will give away virtually all my wealth through the Gates Foundation over the next 20 years to the cause of saving and improving lives around the world.”

 

Originally, the foundation was expected to close 20 years after Gates’ death. Now, under the new plan, it will double its pace of giving.

 

Mark Suzman, the foundation’s CEO, confirmed that the scale of the new plan will account for nearly all of Gates’ $168 billion fortune, as listed by the Bloomberg Billionaires Index, where he ranks as the world’s fifth-richest person.

 

To date, Bill and Melinda Gates have contributed about $60.2 billion to the foundation. Its work has helped save an estimated 82 million lives by expanding access to vaccines, combating infectious diseases like AIDS, tuberculosis, and malaria, and improving education in underserved regions.

 

In Nigeria, the foundation played a key role in eradicating polio, enhancing healthcare systems, and boosting agricultural productivity, particularly among smallholder farmers.

 

With over 2,000 employees worldwide, the Gates Foundation will, in its final phase, focus on ending preventable maternal and newborn deaths, eliminating deadly infectious diseases, and helping lift millions out of poverty.