Bill Gates announces plans for his $107B fortune
FILE-Bill Gates attends the Leaders' Event: Transforming Food Systems in the face of Climate Change at Al Waha Theatre during the UN Climate Change Conference COP28 at Expo City Dubai on December 1, 2023 in Dubai, United Arab Emirates. (Photo by Chri
Billionaire Bill Gates is making plans for his massive fortune, which has an estimated worth of $107 billion.
Gates told the Associated Press that spending down his fortune will help save and improve the lives of many, which will make a positive impact beyond the closing of the Gates Foundation.
What is Bill Gates going to do with his fortune?
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Bill Gates says he will donate 99% of his remaining tech fortune to the Gates Foundation, which is scheduled to close in 2045. His donation will be delivered over time and allow the foundation to spend an additional $200 billion over the next 20 years.
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According to the Associated Press, this financial pledge is one of the largest philanthropic gifts ever when adjusted for inflation.
Gates is the only remaining founder after he and Melina French Gates divorced, and Buffett resigned as the foundation’s trustees. They recruited a new board of trustees to help manage the foundation, and in 2024, French Gates left to continue work at her own organization.
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The Gates Foundation has achieved many accomplishments since its founding 25 years ago, including a decline in childhood deaths from preventable causes by almost half between 2000 and 2020, the AP noted, citing United Nations figures.
Meanwhile, the foundation still has other goals like eliminating polio, controlling other deadly diseases, like malaria, and reducing malnutrition, which makes children more susceptible to other illnesses.
The Source: Information for this story was provided by the Associated Press, which cites comments from Bill Gates about the plans for his fortune. This story was reported from Washington, D.C.