India, May 8 -- Bill Gates announced on Thursday that the Gates Foundation will close in 2045, following the donation of 99 percent of his remaining wealth, estimated at $107 billion.

The foundation's donation will be distributed over time, enabling it to spend an additional $200 billion over the next 20 years, reported Associated Press.

"It's kind of thrilling to have that much to be able to put into these causes," Gates told the news agency.

He added, "I think 20 years is the right balance between giving as much as we can to make progress on these things and giving people a lot of notice that now this money will be gone."

Bill Gates' pledge will be one of the largest philanthropic contributions made by an industrialist, outdoing oth...