By Kolawole Ojebisi
Former richest man in the world and renowned philanthropist, Bill Gates, has announced that he will not die rich, disclosing his intentions to give away 99 percent of his stupendous $200 billion wealth while retaining just 1 percent for himself.
The billionaire business said the move is in preparation for the shutting down of Bill and Melinda Gates Foundation scheduled for December 31, 2045.
The Microsoft co-founder stated on Thursday in a post on his personal blog, Gates Notes, that the foundation, which is considered to be among the most significant charitable organisations globally, ceased to be in operations in the next two decades after forty-five of bringing succour to millions across the world.
“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.
“There are too many urgent problems to solve for me to hold onto resources that could be used to help people,” he said.
He added, “That is why I have decided to give my money back to society much faster than I had originally planned. I will give away virtually all my wealth through the Gates Foundation over the next 20 years to the cause of saving and improving lives around the world. And on December 31, 2045, the foundation will close its doors permanently.”
According to the blog post, backed with a analytical chart, the 1 per cent Bill is planning to retain for himself and his family amounts to just about $1.6 billion, which
The Melinda-Gate foundation, which the Billionaire co-founded with his ex-wife, in 2000, has spent over $100 billion on global health, education, and poverty alleviation, helping to fund vaccine development, medical research, and emergency aid around the world.
He also disclosed an alteration to the blueprint of the foundation while starting off.
“This is a change from our original plans. 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. 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,” he stated.
According to Daily Mail reports, the remaining one per cent of Bill’s fortune may ultimately go to his three adult children: Phoebe, Rory and Jennifer.
Outlining the foundation’s achievements, he said, “I am deeply proud of what we have accomplished in our first 25 years.
“We were central to the creation of Gavi and the Global Fund, both of which transformed the way the world procures and delivers lifesaving tools like vaccines and anti-retrovirals. Together, these two groups have saved more than 80 million lives so far. Along with Rotary International, we have been a key partner in reviving the effort to eradicate polio.
“We supported the creation of a new vaccine for rotavirus that has helped reduce the number of children who die from diarrhea each year by 75 percent. Every step of the way, we brought together other foundations, non-profits, governments, multilateral agencies, and the private sector as partners to solve big problems—as we will continue to do for the next twenty years.”
Often praised for his impressive records of financial interventions in every sector, the world acclaimed businessman has also been vilified and accused of holding too much sway over global health funding decisions.
But, in an interview with the Associated Press on Thursday, he remains unapologetic, saying, like any private citizen, he can choose how to spend the money he earns
“I think 20 years is the right balance between giving as much as we can to make progress on these things and giving people a lot of notice that now this money will be gone,” he said.
