A massive philanthropic gesture dubbed Gates’s $200 billion giveaway has been announced by Microsoft co-founder Bill Gates.
The renowned billionaire disclosed that Gates’s $200 billion giveaway would be launched through the Gates Foundation, aiming to distribute nearly all of his wealth by 2045.
This commitment was announced by the renowned businessman during a press conference.
Pan-Atlantic Kompass reports that Gates’s $200 billion giveaway is set to be one of the largest philanthropic pledges in history, surpassing even the contributions of John D. Rockefeller and Andrew Carnegie when adjusted for inflation.
Here’s what you need to know about Gates’s $200 billion giveaway;
1). The Gates Foundation, established in 2000 by Bill Gates and his then-wife Melinda French Gates, will double its giving over the next 20 years, distributing approximately $200 billion to address global challenges. The foundation, which has already donated over $100 billion since its inception, will close its doors by December 31, 2045, after disbursing these funds.
2). The initial plan was for the Gates Foundation to operate for decades after Gates’ death. However, Gates, now 69, decided to accelerate the timeline to maximize impact during his lifetime. “I’ve learned a lot in the last 25 years, including the incredible impact that these resources can have,” Gates during an interview.
3). Gates announced that the $200 billion giveaway will provide funding to combat maternal and infant mortality, eradicate diseases like polio and malaria, and alleviate poverty worldwide.
He disclosed that part of the $200 billion giveaway will also focus on funding vaccine development and distribution, supporting organizations like GAVI and the Global Fund to fight diseases such as HIV, tuberculosis, and malaria.
Also, Gates added that part of the $200 billion giveaway would be invested in agriculture and education in African nations to help millions escape poverty.
4). Gates also announced that the Gates Foundation plans to increase its annual budget from $6 billion to $9 billion by 2026 and around $10 billion annually thereafter.
5). He disclosed that the $200 billion giveaway will be sourced from Gates’ estimated $108-$168 billion fortune, the foundation’s endowment, and contributions from other philanthropists like Warren Buffett, who has donated $43 billion to the foundation.
6). After the giveaway, Gates will retain just 1% of his wealth, approximately $1.62 billion, likely for himself and his three children.
