Microsoft co-founder Bill Gates has announced plans to give away virtually all of his wealth, estimated at around $200 billion, within the next 20 years through the Bill and Melinda Gates Foundation.
The foundation, according to CNN, will shut down on December 31, 2045, after achieving its goals.
Gates wants to accelerate the foundation’s work on global health and equity initiatives.
“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.
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“There are too many urgent problems to solve for me to hold onto resources that could be used to help people,” Gates said.
This move marks a significant shift in Gates’ approach to philanthropy, with the foundation expected to increase its annual spending from $6 billion to $9 billion by 2026.
Gates’ decision comes as governments worldwide are slashing international aid, raising concerns about stalled progress on research and other crucial projects.
Gates has also taken a swipe at Elon Musk, accusing him of “killing the world’s poorest children” with huge cuts to the US Agency for International Development (USAID) budget.
The Gates Foundation has already spent over $100 billion since its founding in 2000, helping to cut the global childhood mortality rate by investing in medical innovations.
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