Mr Gates, who owns 20% of Microsoft, is one of the world's richest men, with a fortune worth around $100bn (£62.5bn).

The scholarships will pay for at least 1,000 high school students to study education, maths, science and engineering over the next 20 years.

Students will be given enough money to cover the costs of tuition, accommodation and other expenses through university and while they are working towards any graduate qualifications, such as a doctorate.

The money will come from the Bill and Melinda Gates Foundation, the focus of which is to support projects in the fields of education, technology and global health.

Foundation merger

The scholarships are expected to be formally announced in Seattle on Thursday, but according to US newspaper reports, they will be called the Gates Millennium Scholarships.

They will be open to all racial minorities, but will be particularly aimed at black, Hispanic and American Indian students, the reports say.

The Bill and Melinda Gates Foundation was formed from the William H Gates Foundation and the Gates Learning Foundation, which merged last month.

It is the largest philanthropic foundation in the US, with assets of more than $17bn (£10.6m).