Bill Gates has pledged to donate 99% of his fortune over the next 20 years

Former Microsoft CEO and leading philanthropist Bill Gates has announced that he is accelerating his charitable giving schedule and plans to give away 99% of his remaining wealth to the Bill & Melinda Gates Foundation over the next two decades.

In an open letter on the Foundation’s website, Gates said he did not want to “die rich,” as Andrew Carnegie wrote in his 1889 essay “The Gospel of Wealth.” He set a new deadline for the Foundation’s end of operations — December 31, 2045, when the organization will finally cease 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," Gates wrote. "There are too many urgent problems to solve for me to hold onto resources that could be used to help people."

In its 25 years of existence, the Foundation, which has also received more than $30 billion from Warren Buffett, has spent more than $100 billion on health and development programs. The Foundation's support led to the creation of the GAVI Vaccine Alliance and the Global Fund, which have saved more than 80 million lives. Their work has included reviving efforts to eradicate polio and developing a rotavirus vaccine that has reduced child deaths from diarrhea by 75%.

Gates now plans to double these contributions: the total amount of spending by 2045 will exceed $200 billion, including the remainder of the Foundation's endowment and future donations from Gates himself.

"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," Gates noted.

The Foundation’s original charter called for its liquidation “a decade after our deaths.” Now, the cutoff date will be December 31, 2045, when the Foundation will officially cease operations.

"I believe we can leave the next generation better off and better prepared to fight the next set of challenges," Gates explained.

He made the decision to accelerate the distribution of capital in an anniversary year: this year Microsoft turns 50, and Gates himself will turn 70.

Although the Foundation will cease to exist in 2045, Gates plans to continue investing in energy innovation and Alzheimer's research through the Breakthrough Energy investment fund and TerraPower. All profits from these projects will be reinvested into the Foundation until it is liquidated.

The Bill & Melinda Gates Foundation will celebrate its 25th anniversary later this year, continuing its focus on maternal and child health, vaccines, and poverty alleviation.