All Gates cash to be spent within 50 years of death

The Scotsman, 2nd Dec 06

THE BILL & Melinda Gates Foundation has said it will spend all its assets within 50 years of them both dying, as the trustees want to focus the foundation's work in the 21st century.

On the charity's website, the foundation said: "We will be spending all of our resources within 50 years after the last of Bill's or Melinda's death.

"The decision to focus all of our resources in this century underscores our optimism for making huge progress and for making sure that we do as much as possible, as soon as possible."

Bill Gates, the world's richest person, co-founded the software company Microsoft. He plans to step down from his day-to-day role to focus on his foundation, which aims to improve access to technology in US public libraries. It also focuses on fighting diseases such as HIV/AIDS, tuberculosis and malaria.

The foundation expects to double the amount it spends per year on grants to $3.5 billion (£2.65 billion) by 2009.

The foundation is to split its internal structure in two, an asset trust and a programme foundation. The trust will hold the foundation's endowment, including funds from billionaire investor Warren Buffett.