Bill Gates, co-founder of Microsoft and philanthropist, has instructed the Gates Foundation to significantly increase its spending over the next two decades. In addition, the foundation has already given away more than $100 billion to improve health, increase education, promote global development, and foster gender equality. By 2045, it wants to raise that figure to over $200 billion. This announcement comes at the same time as a number of personal and organizational milestones, not least of which is the foundation’s 25th anniversary.
The Gates Foundation has undoubtedly been a crucial force for good on many of the world’s most pressing challenges since its inception. As it celebrates 25 years of highly effective philanthropy, it writes a new chapter of personal significance for Gates himself. He will be 70 when we reach October. This year would have been the 100th birthday of his late father, a driving force in creating the nonprofit and its first executive director. Gates took a look back at these events in a great short piece recently published on his website, Gates Notes.
Gates’ commitment to philanthropy is profound. He has promised to give away 99% of his estimated $107 billion wealth to the foundation. This pledge truly reflects his passion for changing as many lives as possible across the globe by finding the most effective way to focus charitable efforts.
“In addition to celebrating the foundation’s 25th anniversary, this year also marks several other milestones: It would have been the year my dad, who helped me start the foundation, turned 100; Microsoft is turning 50; and I turn 70 in October.”
In the next 20 years, Gates says the foundation will work most effectively by continuing to use their current assets as a springboard. Further, he thinks that it will dramatically boost its philanthropic investments. He stated:
The importance of this mission is heavy, considering the current global philanthropy landscape. Perhaps most famously, Warren Buffett is a notable player in this space, with a net worth of $160 billion. As the second largest donor in tandem with Gates, Buffett’s dollar doled out is still shaking up numerous philanthropic endeavors.
“20 years to give away virtually all my wealth.”
The foundation’s financial strategies have heightened significance given the recent political winds that have swept in cuts to foreign missions funding for organizations like USAID. Under the Trump administration, USAID was hit hard by budget cuts and foreign aid contracts plummeted by 92%. The Gates Foundation is raising the stakes. It intends to spend significantly on global health and development programs to fill the gaps that are currently out there.
As Gates prepares for his 70th milestone birthday, he’s clearly still staying as in shape as possible and is as laser-focused on his philanthropic endeavors as ever. He is doing great work to promote effective solutions to many of the world’s most challenging problems.
As Gates gears up for his milestone birthday, he remains focused on his health and his philanthropic goals. He continues to advocate for effective solutions to some of the world’s most pressing problems.