Bill Gates plans to give away 99% of his fortune by 2045

Tech mogul and billionaire Bill Gates, 69, announced that he will give away 99 per cent of his fortune by 2045 via his non-profit organisation, Gates Foundation.

It is estimated that he will spend more than US$200 billion (S$259 billion) in the next 20 years.

The estimated figure is twice as much as what the foundation has given over the past two decades, during which it donated more than US$100 billion (S$129 billion).

"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," said the Microsoft founder in a blog post on May 9.

Gates said that his foundation aims to save and improve as many lives as possible, and it hopes to put the world on a path to ending preventable deaths of mothers and babies and lifting millions of people out of poverty.

"It's unclear whether the world’s richest countries will continue to stand up for its poorest people," he said, noting how the U.S., UK, France, and other countries are cutting their aid budgets by tens of billions of dollars.

"And no philanthropic organisation—even one the size of the Gates Foundation—can make up the gulf in funding that’s emerging right now."

The news comes as the Trump administration continues to cut foreign aid, including 85 per cent of U.S. Agency for International Development (USAID) programmes.

Gates told The New York Times that such cuts can cause millions of additional deaths of kids.

Since its establishment, the foundation has spent US$53 billion (S$69 billion) focusing on issues relating to health, global equality, global development, and education.

This includes the creation of Gavi and the Global Fund, which focus on delivering vaccines and anti-retrovirals, as well as expanding access to affordable energy.

However, the foundation has also undergone accusations by critics that Gates uses his organisation's charitable status as a tax shield and uses his vast wealth to influence global health priorities, as reported by The Financial Times.

The foundation will close its doors permanently on Dec. 31, 2045.

Gates Foundation to set up office in Singapore

Just a few days prior, the Gates Foundation announced its plan to set up an office in Singapore.

In a press release, the foundation said that its Singapore presence reflects its commitment to work alongside countries and partners to help more people live healthy and productive lives, and to accelerate progress towards achieving the Sustainable Development Goals.

Gates Foundation also said it plans to strengthen its partnership with the government, philanthropies, and institutions across Southeast Asia through Singapore.

Top image via Bill Gates/Facebook