Bill Gates to give away virtually ALL his wealth in next 20 years

Bill Gates, the Microsoft co-founder, says he is giving away virtually all his wealth over the next two decades.

Gates announced his plans in what he has described as the final chapter of his career in an article he published on Thursday on his website.

The co-chair of the Gates Foundation said his decision to wind down his work came at a moment of reflection.

He noted that on December 31, 2045, the BMGF would close its doors permanently.

The philanthropist said his wealth donation over the next 20 years would be dedicated to the cause of saving and improving lives around the world.

Once the world’s richest man, Gates has pioneered innovations across multiple sectors, including technology, health, agriculture, clean energy and climate solutions, aerospace, infrastructure, and transportation.

Currently, the 69-year-old has a net worth of $113.8 billion and is the 13th richest man in the world, according to Forbes.

However, Gates has pegged his net worth at $108 billion.

“When Melinda and I started the Gates Foundation in 2000, we included a clause in the foundation’s very first charter: The organisation would sunset several decades after our deaths,” he said.

“A few years ago, I began to rethink that approach.

“More recently, with the input from our board, I now believe we can achieve the foundation’s goals on a shorter timeline, especially if we double down on key investments and provide more certainty to our partners.”

So far, Gates said his foundation has given out over $100 billion — powered in part by the generosity of Warren Buffett, the chief executive officer (CEO) of Berkshire Hathaway, the conglomerate holding company.

“Over the next two decades, we will double our giving,” Gates said.

“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. This figure includes the balance of the endowment and my future contributions.

“Today’s announcement almost certainly marks the beginning of the last chapter of my career, and I’m okay with that.

“I have come a long way since I was just a kid starting a software company with my friend from middle school.

“As Microsoft turns 50 years old, it feels right that I celebrate the milestone by committing to give away the resources I earned through the company.”

GATES’ WORK IN AFRICA

Through the BMGF, Gates has had extensive and impactful work across Africa.

The billionaire businessman was central to the creation of Gavi and the Global Fund, both of which have played pivotal roles in procuring and delivering vaccines and anti-retroviral drugs across the continent.

The foundation has also targeted major health challenges such as tuberculosis (TB) and maternal and child health across many African countries.

Water sanitation and agriculture are also sectors that the foundation has worked to improve in rural areas.

With offices in Abuja, Nigeria’s capital city; Nairobi, the Kenyan capital; and South Africa’s Johannesburg, the Gates Foundation has worked closely with African governments in the regions to align with national development plans.