The importance of vaccination

 Bill Gates has revealed a significant shift in his philanthropic strategy, intending to donate nearly his entire fortune and subsequently close the Gates Foundation within the next two decades. This marks a change from the initial 2000 plan, co-established with Melinda French Gates, which envisioned the foundation operating for many years after their deaths, funded by their remaining wealth. Gates, the co-founder of Microsoft, now aims to distribute what he estimates to be around $200 billion over the next 20 years, with the foundation ceasing operations by December 31, 2045.

This accelerated timeline is partly motivated by a desire to counter potential setbacks in global health and public assistance, areas the Gates Foundation champions, especially in light of potential funding cuts to such programs by the Trump administration. Gates hopes this decisive action will encourage other billionaires to increase their philanthropic efforts. This new commitment builds upon his previous initiatives, such as the Giving Pledge, launched in 2010 with his then-wife and Warren Buffett, which encourages the ultra-wealthy to donate the majority of their fortunes. Gates has stated his firm intention not to be remembered as someone who died rich, emphasizing the urgency of global problems that his resources could help address.

The Gates Foundation, already a global philanthropic leader, has contributed over $100 billion since its inception towards developing vaccines, diagnostic tools, and treatments for diseases worldwide. The pace of Gates's giving has increased recently, particularly after the pandemic, but this latest announcement represents a major escalation, described by the foundation as the "largest philanthropic commitment in modern history."

For the upcoming two decades, the foundation will prioritize three primary objectives: eliminating preventable deaths in mothers and infants, eradicating deadly infectious diseases, and helping lift hundreds of millions globally out of poverty. While the foundation has noted concerns about stagnant global health progress, Gates expressed optimism in a blog post that advancements in artificial intelligence, combined with his financial contributions, could hasten positive change. However, in an interview with the Financial Times, Gates criticized fellow billionaire Elon Musk, accusing him of negatively impacting the world's poorest children through his work related to cuts in U.S. international aid programs via the Department of Government Efficiency.

Currently, Bill Gates's net worth is $108 billion, placing him as the fifth wealthiest person globally according to Bloomberg's Billionaires Index. He anticipates his net worth will decrease by 99% by 2045. The $200 billion for this philanthropic push will be sourced from the foundation's existing $77 billion endowment and Gates's personal wealth, including earnings from ongoing investments like TerraPower, his nuclear energy company.

Melinda French Gates left the Gates Foundation last year following her divorce from Bill Gates in 2021. She had previously stated in 2022 that she would distribute the majority of her wealth through channels other than the Gates Foundation.

The announcement of this accelerated giving plan comes shortly after Microsoft, the company Gates co-founded (now valued at over $3 trillion), celebrated its 50th anniversary. Gates remarked that committing the resources earned through Microsoft felt like a fitting way to commemorate this milestone.