Bill Gates plans to give away $200 billion, criticises Elon Musk over aid cuts
In a statement, Bill Gates wrote, “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.
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Bill Gates has announced plans to donate “virtually all” of his estimated $200 billion fortune over the next 20 years, before closing the Bill & Melinda Gates Foundation on 31 December 2045. The move comes amid significant cuts to foreign aid and public health programmes by the Trump administration — the very causes the foundation has long supported.
In a sharp rebuke, Gates took aim at Elon Musk, the world’s richest man and a leading figure in the Trump-led Department of Government Efficiency (DOGE), accusing him of exacerbating global suffering by slashing aid budgets.
‘Not a Pretty Picture’
Speaking to the Financial Times, Gates said, “The picture of the world's richest man killing the world’s poorest children is not a pretty one.” He blamed Musk’s DOGE department for decimating the US Agency for International Development (USAID), which has historically provided billions in global funding — from childhood vaccines to emergency food relief.
Gates and Musk previously shared a public belief in the philanthropic duties of the ultra-wealthy. However, tensions have since escalated, particularly as Gates emphasised that private foundations, no matter how well-funded, cannot replace government aid.
He pointed to responses in Africa, where some local governments have tried to reallocate budgets to counteract the loss of American aid. However, he warned that efforts to eradicate diseases like polio would likely fail without renewed US government support.
Gates, 69, revealed that his net worth will shrink by 99% as he steps up his philanthropic efforts. “I hope I’m still alive when we finish the 20 years, but I will save a little bit to be able to buy hamburgers as much as I need,” he told CBS News with a touch of humour.
In a statement, Bill Gates wrote, “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. There are too many urgent problems to solve for me to hold onto resources that could be used to help people.”
While the foundation had originally been expected to close decades after Gates and ex-wife Melinda French Gates’ deaths, it will now wrap up operations in 2045. Gates cited a desire to speed up impact and address growing global challenges, including preventable infant and maternal deaths, infectious diseases like malaria, polio, and measles, and extreme poverty.
Gates expressed concern over reduced aid from major economies. “It’s unclear whether the world’s richest countries will continue to stand up for its poorest people,” he said, citing funding cuts not only from the US but also the UK and France.
The Gates Foundation, now in its 25th year, has already invested $100 billion in global health and development, contributing significantly to reductions in childhood mortality. It expects to spend another $200 billion by the time it closes, with annual spending projected to hit $9 billion by 2026 — depending on inflation and market performance.
