American billionaire and philanthropist, Bill Gates, has announced plans to give out almost all of his $200bn (about N300 trillion) fortune, saying he will leave only one per cent for himself and his family.
Gates made this known in a statement published on his personal blog, Gates Notes, on Thursday. He also revealed that the Bill and Melinda Gates Foundation, one of the largest charitable organisations in the world, will shut down permanently by December 31, 2045.
“People will say many things about me when I die, but I am determined that ‘he died rich’ will not be one of them,” the Microsoft co-founder said.
According to him, the decision was informed by the urgent need to address major challenges affecting humanity, such as health crises, poverty, and lack of access to education in many parts of the world.
“I have decided to give my money back to society much faster than I had originally planned. I will give away virtually all my wealth through the Gates Foundation over the next 20 years,” he said.
He disclosed that only one per cent of his wealth, which amounts to about $1.6bn, will be left for personal and family needs. There are speculations that the amount may eventually be shared among his three children—Jennifer, Rory, and Phoebe.
Gates founded the Foundation in 2000 with his ex-wife, Melinda French Gates. Since inception, the foundation has spent over $100bn supporting programmes in healthcare, education, vaccine development, and humanitarian aid, especially in underdeveloped countries.
“This is a shift from our original plan,” he said. “When we started the foundation, the idea was that it would wind down several decades after our deaths. But with input from our board, I now believe we can achieve our goals earlier, if we invest more aggressively now.”
He said he is proud of the foundation’s impact over the past 25 years. Among other achievements, he noted that their support helped establish Gavi and the Global Fund, which have saved over 80 million lives through access to vaccines and HIV treatments.
The foundation has also been a key partner in the global fight against polio and has supported the development of a rotavirus vaccine, which has helped reduce child deaths from diarrhoea by 75 per cent.
Despite widespread recognition, some critics have accused Gates of having too much influence over global health spending. But the billionaire maintains that he is simply directing his private wealth to support the public good.
In an interview with the Associated Press, Gates said, “I think 20 years is the right balance between giving as much as we can to make progress, and giving people enough notice that this money will eventually run out.”
