Tech mogul, Bill Gates, in a shocking announcement said he will give away 99 percent of his immense fortune in the coming years, leaving one percent for himself and his children.
The billionaire reveals he is shuttering the Gates Foundation by December 31, 2045, effectively ending a lifelong project to give away his multi-billion fortune.
Bill Gates net worth
He announced on Thursday that he plans to distribute ‘virtually all’ of his wealth, approximately $200 billion, within the next 20 years.
The Gates Foundation, which Gates founded in 2000 along with his ex-wife Melinda French Gates, who left the organization after her divorce with the Microsoft billionaire, pours billions of dollars every year into health, foreign aid and other public assistance programs.
Gates will hold onto just one percent of his wealth – which still equals out to an estimated $1.62 billion.
Bill Gates children
He has three adult children he shares with Melinda – Phoebe, Rory, and Jennifer – whom will most likely inherit the remaining millions in cash Gates has upon his death.
Following the announcement, he said: ‘It’s kind of thrilling to have that much to be able to put into these causes.’
Gates said spending down his fortune will help save and improve many lives now, which will have positive ripple effects well beyond the foundation’s closure.
