Bill Gates To Donate His $200 Billion Fortune To Africa

Microsoft founder Bill Gates has pledged to donate the majority of his estimated fortune, $200 billion, to improving the health and education system in Africa over the next two decades. The statement comes in the wake of the US reducing his foreign aid to Africa, which includes programmes to treat HIV patients. The US State Department recently revoked almost all foreign assistance, excepting emergency food programmes and military aid to Israel and Egypt.

Speaking at African Union (AU) headquarters in Ethiopia, Gates declared, “I recently made a commitment that my wealth will be given away over the next 20 years. The majority of that funding will be spent on helping you address challenges here in Africa.” Graca Machel, former first lady of Mozambique, praised Gates’s commitment as a great relief in the “moment of crisis”.

The announcement reiterates Gates' prior commitment to allocate 99% of his wealth towards humanitarian initiatives via the Bill & Melinda Gates Foundation, which is scheduled to cease operations in 2045. In his recent blog post, he presented a visual timeline of his wealth which marked his current net worth at $108 billion and featured a downward trajectory approaching zero by the end date.

On Monday, Gates said that his foundation, in collaboration with governments, primarily prioritises three goals: ending preventable deaths of mothers and babies, ensuring that the next generation grows up free from deadly infectious diseases, and lifting millions of people out of poverty. He urged the young innovators of Africa to use AI technologies to unlock the prosperity of the nation. According to Bloomberg, despite pledging to give away 99% of his wealth, Gates is projected to remain a billionaire. However, critics argue that Gates leverages his charitable foundation to minimise tax obligations while causing excessive influence in the global health system.