Tech billionaire Bill Gates pledges to give away ‘virtually all’ of his wealth, leaving less than 1% for his children

In a blog post on Thursday, the 69-year-old tech mogul revealed his plans to distribute "virtually all" of his wealth by 2045, when the foundation is set to conclude its operations.

"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," the Microsoft co-founder wrote.

This announcement comes amid growing concerns over global political shifts, such as cuts to international aid budgets aimed at combating disease and famine, particularly during the Trump administration, as reported by Reuters.

The Gates Foundation, which has already donated $100 billion towards health and development initiatives, plans to allocate an additional $200 billion over the next two decades. This sum will come from the foundation's existing $77 billion endowment, along with Gates' personal wealth. The foundation has called this the "largest philanthropic commitment in modern history." Looking ahead, the foundation will focus on three primary objectives: ending preventable deaths among mothers and babies, eradicating deadly infectious diseases, and lifting millions out of poverty, according to CNN.

Tech billionaire Bill Gates. Photo courtesy of Gates' Facebook

Gates' pledge builds on his long-standing philanthropic efforts, including the 2010 launch of the Giving Pledge alongside his ex-wife Melinda French Gates and world’s richest investor Warren Buffett. The initiative encourages wealthy individuals to donate most of their fortunes to charity, either during their lifetimes or through their wills. To date, over 240 billionaires have signed the pledge.

Gates' new commitment marks a shift toward more immediate giving. Originally, he and Melinda had planned for the foundation to continue its work for several decades after their deaths. However, he explained to the BBC on Thursday that future generations of wealthy individuals will be better positioned to address global challenges. "It's really about the urgency," he said. "We can spend a lot more if we're not trying to be perpetual, and I know that the spending will be in line with my values."

Despite giving away 99% of his wealth, Gates could still retain billionaire status. As of now, the Microsoft founder is the fifth-richest person in the world, with a net worth of $168 billion, according to Bloomberg.

Gates’ children, Jennifer (29), Rory (25), and Phoebe (22), will inherit less than 1% of his wealth, a decision Gates explained in a recent interview with Indian podcaster Raj Shamani, as reported by Page Six. Even at less than 1%, each of his children would inherit over $1 billion.

Gates co-founded the Bill and Melinda Gates Foundation in 2000 with Melinda. Following their divorce in 2021, Melinda exited the foundation. In 2022, she announced she would not be giving the majority of her wealth through the organization.