UPDATED: I will give away all my wealth in next 20 years – Bill Gates

One of the world’s wealthiest persons, Bill Gates, says he will give away virtually all his wealth in the next 20 years.

In an article he authored and published on his website, gatesnotes, Mr Gates said he will give the money away through his Gates Foundation.

“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,” he wrote.

The American billionaire, worth about $113 billion according to Forbes, said his foundation would be shut down after he gave away his wealth.

“And on December 31, 2045, the foundation will close its doors permanently,” he wrote.

Mr Gates stated that his money will mostly be spent on improving public health and productivity and supporting vulnerable groups.

“There are too many urgent problems to solve for me to hold onto resources that could be used to help people,” he added.

The billionaire is known for his philanthropic work through the Gates Foundation, which focuses on global health, education, and poverty reduction. Nigeria has always been a beneficiary of his philanthropy, with his foundation’s commitment to the country now totalling over $2.8 billion, the highest in Africa.

The foundation has supported efforts to eradicate polio, improve maternal and child health, fight malaria, and reduce malnutrition in the country, often in partnership with local groups.

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For instance, in the last quarter of 2024, the foundation donated $5.6 million to Nigeria for flood relief, health and agricultural reforms. In 2022, it committed $7 billion to supporting Nigeria and some other African countries. In 2020, the Gates Foundation donated $1 million to the country to help fight the COVID-19 pandemic. It also awarded a $2 million grant to the Nigerian Governors Forum.

Mr Gates once attributed his support for Nigeria to the huge humanitarian needs of thousands of vulnerable people in the country.

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“That makes sense because of the population and the incredible needs that are here. That means that I’ve literally spent billions in Nigeria. I’m glad that things like the child mortality rate have come down, but we could do a lot better,” he had said.

In his Thursday post, he noted that the foundation’s top priorities are reducing global health inequality and eradicating measles, malaria, and polio.