Seattle, Washington - The Gates Foundation plans to spend more than $200 billion over the next 20 years, accelerating its public health mission and shutting down in 2045, the organization said Thursday.

The new timetable means a change to the organization's charter, which planned for the foundation to sunset 20 years after the death of billionaire Bill Gates.

The shift is driven by "urgency and opportunity," the foundation said, claiming that artificial intelligence advances boost the potential for human wellbeing even as governments cut back on aid funding.

"During the first 25 years of the Gates Foundation – powered in part by the generosity of Warren Buffett – we gave away more than $100 billion," Gates (69) said in a blog post.

"Over the next two decades, we will double our giving," Gates wrote.

The blog post contained a chart showing Gates's net worth plummeting 99% over the next 20 years. Gates is currently listed as the 13th on the Forbes "real-time" billionaire list, with a net worth of $112.6 billion.

"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," Gates wrote.

"There are too many urgent problems to solve for me to hold onto resources that could be used to help people."

The Bill and Melinda Gates Foundation launched in 2000, the same year Bill Gates stepped down as CEO of Microsoft. In 2024, Melinda French Gates exited the foundation three years after the couple's divorce.

It has faced much criticism for the ideological strings it attaches to charitable projects, its connection to the interests of agricultural and pharmaceutical corporations, and Gates' outsized influence on an operation which has accrued immense political power on the international stage.

Gates cited progress in launching global public health efforts including campaigns to eradicate polio and the creation of a new vaccine for rotavirus.

"By accelerating our giving, my hope is we can put the world on a path to ending preventable deaths of moms and babies and lifting millions of people out of poverty," Gates said in the blog.

Separate from the Gates Foundation, the Microsoft founder said he plans to continue to provide funding for initiatives to expand access to affordable energy and for breakthrough research into Alzheimer’s disease.