In 2000, Bill and Melinda French Gates established the Gates Foundation with the intention of utilizing their remaining fortune to sustain the organization for several decades following their deaths.

However, the billionaire founder of Microsoft has stated that he is unwilling to wait for an extended period of time before distributing the majority of his wealth.

Gates disclosed on Thursday that he intends to distribute “virtually all” of his wealth, which he estimates to be approximately $200 billion, within the next two decades.

Subsequently, he intends to dissolve the foundation on December 31, 2045.

The announcement is made in the context of President Donald Trump’s administration’s efforts to reduce funding for health, foreign aid, and other public assistance programs, which are the types of causes that the Gates Foundation supports.

This has raised concerns about the stalled progress of research and other critical projects.

Gates stated in a blog post published on recently that he intends to expedite the foundation’s efforts to address global health and equity issues, with the expectation that this initiative will serve as a precedent for other billionaires.

The pledge is a continuation of Gates’ prior efforts to encourage philanthropy.

In 2010, Warren Buffett, and his ex-wife French Gates established the Giving Pledge, which aimed to motivate affluent individuals to donate the majority of their wealth to charitable organizations either during their lifetimes or in their wills. It currently boasts of over 240 signatories.

Gates, who will be 70 years old later this year, stated, “I am resolute in my resolve that ‘he died rich’ will not be among the many things that people will say about me when I pass away.”

“I am unable to retain resources that could be utilized to assist individuals due to the overwhelming number of urgent issues that require attention.”

Since its establishment, the Gates Foundation, one of the world’s largest philanthropies, has distributed more than $100 billion.