Bill Gates pledges to give away $200b to the world’s poorest

Bill Gates says he will donate 99% of his remaining tech fortune to the Gates Foundation, which will now close in 2045, earlier than previously planned.

- 

Gates pledged on Thursday to give away almost his entire personal wealth in the next two decades and said the world's poorest would receive some $200 billion via his foundation at a time when governments worldwide are slashing international aid.

The pledge is among the largest philanthropic gifts ever-outpacing the historic contributions of industrialists like John D. Rockefeller and Andrew Carnegie when adjusted for inflation. Only Berkshire Hathaway investor Warren Buffett's pledge to donate his fortune - currently estimated by Forbes at $160 billion - may be larger depending on stock market fluctuations.

Gates' donation will be delivered over time and allow the foundation to spend an additional $200 billion over the next 20 years.

The foundation already has an endowment of $77 billion built from donations from Gates, Melinda French Gates and Buffett.

“It's kind of thrilling to have that much to be able to put into these causes,” Gates said in an interview.

His announcement on Thursday signals both a promise of sustained support to those causes, particularly global health and education in the US, and an eventual end to the foundation's immense worldwide influence. Gates says spending down his fortune will help save and improve many lives now, which will have positive ripple effects well beyond the foundation's closure.

It also makes it more likely that his intentions are honored.