Peer Lord Ashcroft will leave £1bn to charity

Conservative peer Lord Ashcroft yesterday made a commitment to hand over more than half of his fortune to charitable causes, following in the footsteps of Bill Gates and Mark Zuckerberg.

The businessman announcedhe has signed up to the Giving Pledge, a promise by the world’s wealthiest individuals and families to dedicate the majority of their wealth to philanthropy.

With a fortune of £1.1 billion, Lord Ashcroft said he would leave at least half of his assets after his death to a charitable foundation in his name.

“I have never been a great believer in inherited wealth,” he said.