Microsoft co-founder Bill Gates has announced on May 8 that he plans to donate nearly all of his wealth within the next two decades, significantly accelerating the timeline for winding down the Bill & Melinda Gates Foundation. 

In a statement published on his personal blog called Gates Notes, the billionaire philanthropist confirmed his intention to give away 99 percent of his fortune, currently valued at approximately $107 billion. 

"I will give away virtually all my wealth through the Gates Foundation over the next 20 years to the cause of saving and improving lives around the world. And on December 31, 2045, the foundation will close its doors permanently," Bill Gates wrote in his blog. "The exact amount will depend on the markets and inflation, but I expect the foundation will spend more than $200 billion between now and 2045," he added.

"This decision comes at a moment of reflection for me," Gates wrote, citing a series of personal and professional milestones this year, including the 25th anniversary of the foundation, his upcoming 70th birthday, and what would have been the 100th birthday of his late father, who co-founded the organisation with him.

The announcement marks a major shift in the foundation's long-term plans. Previously, the organisation had been directed to cease operations two decades after the death of Bill Gates. Given the 69-year-old's current good health, the decision to begin winding down much sooner represents a notable change in philanthropic strategy.

If carried out as planned, Bill Gates's donation would become the second-largest philanthropic donation in American history when adjusted for inflation. The largest is expected to come from Warren Buffett, whose net worth is currently estimated at $160 billion and who has also pledged to give away the majority of his fortune.

Since its inception, the Gates Foundation has spent over $100 billion, much of it focused on public health campaigns in low-income countries, particularly targeting diseases like malaria. The foundation now anticipates spending around $9 billion annually over the next two decades.

Gates's announcement comes at a time when public funding for global development faces uncertainty. The Trump administration's earlier cuts to foreign aid, including reductions to the United States Agency for International Development (USAID), have left gaps that philanthropic institutions like the Gates Foundation have increasingly tried to fill.