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Bill Gates just said that he wants his bank account to look a whole lot different in 20 years. If all goes according to plan, that number will be a lot closer to zero than its current almost $114 billion.
Gates announced in a blog post Thursday that he was speeding up his plan to give the vast majority of his wealth — 99% — to his charitable foundation, which will use the money to fight global diseases. Then, in 2045, the Gates Foundation will close its doors permanently. Its mission: spend everything now, when the world might need it most.
While the exact amount the foundation gives away will depend on the markets and inflation, Gates said he expects that “the foundation will spend more than $200 billion between now and 2045.”
The Microsoft (MSFT-0.92%) co-founder said his accelerated timeline comes because of all the urgent problems he sees across the globe. The Gates Foundation has already made significant strides in combating diseases such as HIV/AIDS, polio, tuberculosis, and malaria, and in improving child health through vaccination initiatives.
Now, though, Gates is staring down the next chapter of his life: He turns 70 this fall.
“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,” he wrote. “There are too many urgent problems to solve for me to hold onto resources that could be used to help people.”
The foundation was originally set to sunset two decades after Gates’ death. Now, under his leadership and with board input, the organization will double its giving and speed up the pace of impact — funneling money into global health, education, poverty reduction, and climate innovation.
Gates said, after talking with the foundation’s board, “I now believe we can achieve the foundation’s goals on a shorter timeline, especially if we double down on key investments and provide more certainty to our partners.”
But even with all the donating, Gates insists that he — and his bank account — will be fine.
“I’ll still be comfortable,” he said.
Gates has said that he hopes other billionaires follow his lead.
What he’s doing has become known as “the Gates approach” to philanthropy. He funds the science to eradicate diseases, then provides money to governments to get people vaccinated, while using data and technology to make them more efficient than they would be otherwise.
Gates wrote: “The Gates Foundation’s mission remains rooted in the idea that where you are born should not determine your opportunities. I am excited to see how our next chapter continues to move the world closer to a future where everyone everywhere has the chance to live a healthy and productive life.”
The foundation will focus on meeting three specific goals under the accelerated timeline: that no mom or child dies from a preventable cause, that the world defeats deadly infectious diseases, and that hundreds of millions rise out of poverty.