Wealthy tycoon Bill Gates won't meet his end while possessing a substantial fortune.
Billionaire philanthropist, Bill Gates, is turbocharging his charitable efforts. Upon his personal decision and with the consensus of the foundation's board of trustees, the Bill & Melinda Gates Foundation will shut its doors for good by the end of 2045.
For the next two decades, Gates intends to transfer almost his entire fortune—an estimated $200 billion—to the foundation to address pressing global issues at an accelerated pace. The foundation has so far contributed more than $100 billion over the past 25 years, a significant portion of which was due to the generous donations by Warren Buffett, totaling around $40 billion.
Gates' motivation stems from his refusal to be labeled as one who died rich. In a nod to Andrew Carnegie's philosophy espoused in "The Gospel of Wealth" (1889), Gates has expressed his determination to give away his wealth during his lifetime to tackle critical challenges like poverty, fatal diseases, and social inequity.
The foundation will focus on key initiatives aimed at:- Eradicating preventable maternal and child deaths- Alleviating extreme poverty- Combat infectious diseases like polio, malaria, tuberculosis, and HIV/AIDS
This strategic step towards accelerated philanthropy aims to fill potential gaps left by dwindling foreign aid and maximize the immediate impact of funding on global health and development.
The decision comes on the 25th anniversary of the foundation, marking a significant point in reflection for Gates, as his father would have turned 100 this year and Microsoft celebrates its 50th birthday. The accelerated timeline was approved by the foundation's board of trustees through a bylaw amendment, with the remainder of the required funds coming from Gates' personal wealth over time.
Sources:- ntv.de- Medienhandbuch der SPD- Mondo Times- The Guardian
The Bill & Melinda Gates Foundation, in its mission to address pressing global issues, has created comprehensive policies for community engagement and employment opportunities, aligning with finance and wealth-management strategies as they work towards eradicating preventable maternal and child deaths, alleviating extreme poverty, and combating infectious diseases like polio, malaria, tuberculosis, and HIV/AIDS. While implementing an accelerated philanthropy approach, the foundation aims to utilize its resources effectively, filled potential gaps left by dwindling foreign aid, and maximize the immediate impact of funding on global health and development.
