NEW YORK — Bill Gates pledged on Thursday to donate nearly all of his personal wealth to philanthropy by 2045, committing $200 billion through the Bill & Melinda Gates Foundation and warning that steep U.S. foreign aid cuts risk reversing decades of global progress in health and development.
In a pointed speech marking the foundation’s 25th anniversary, the Microsoft co-founder announced plans to accelerate the foundation’s spending and formally wind down its operations by December 31, 2045—several decades earlier than originally envisioned.
“The problems are urgent, and the time to act is now,” Mr. Gates said. “There are too many urgent problems to solve for me to hold onto resources that could be used to help people.”
The foundation’s annual budget will grow to $9 billion by 2026 and increase to roughly $10 billion a year afterward, he said. It will ultimately spend down 99 percent of his fortune, now estimated at $108 billion, depending on market conditions and inflation.
Mr. Gates said the funding would support efforts to eradicate polio and malaria, end preventable deaths among women and children, and combat poverty—goals that he warned are threatened by shrinking U.S. support for international aid.
His remarks come as the Trump administration continues sweeping reductions to foreign assistance through the U.S. Agency for International Development (USAID). Elon Musk, serving as head of the newly created Department of Government Efficiency (DOGE), has been overseeing the cuts. More than 80 percent of USAID’s $44 billion budget is reportedly on the chopping block.
Mr. Musk, the CEO of Tesla and SpaceX and now the federal government’s chief efficiency officer, has publicly derided USAID, at one point saying he had fed it “into the wood chipper.” Mr. Gates condemned Musk’s rhetoric and actions, accusing him of undermining life-saving programs in some of the world’s poorest regions.
“The image of the world’s richest man killing the world’s poorest children is not a pretty one,” Mr. Gates told the Financial Times.
At the anniversary event, Gates added, “As brilliant as Elon is, I actually know more about USAID than he does. I’ve been to Nigeria, to the DRC. I’ve seen firsthand the work they do. These people are heroes.”
Mr. Gates claimed that Mr. Musk misrepresented facts about Ebola prevention and foreign health programs, calling his characterizations “uninformed” and “dangerous.” In a post on his X platform, Mr. Musk responded by calling Gates “a huge liar.” His office did not respond to requests for further comment.
Mr. Gates has met with President Trump twice since his return to office in January and said he remains hopeful that the administration will agree to less drastic reductions. “If we’re able to get to something like a 15 to 20 percent cut, then we can be smart about which programs to protect,” he said. “But eliminating entire initiatives? That would be tragic.”
The Gates Foundation, launched in 2000 by Mr. Gates and then-wife Melinda French Gates, has disbursed more than $100 billion to date, supporting efforts such as Gavi, the Vaccine Alliance, and the Global Fund to Fight AIDS, Tuberculosis and Malaria. It is one of the largest and most influential private philanthropic organizations in the world.
The foundation has also faced criticism for its influence in global health governance, including its role in shaping priorities at the World Health Organization. Mr. Gates has also been the subject of conspiracy theories, particularly during the COVID-19 pandemic.
Despite the foundation’s vast resources, Gates stressed that private philanthropy cannot replace public investment. “Progress won’t be possible without government support,” he said. “It’s unclear whether the world’s richest countries will continue to stand up for its poorest people.”
Mr. Gates concluded his announcement with a personal reflection: “I have come a long way since I was just a kid starting a software company with my friend from middle school. I hope others with wealth will also consider what they can do—because this is one of the most impactful ways to give back to society.”
