Gates, sitting next to British PM Gordon Brown at the United Nations, trumped Britain's pledge of £40 million to support the cause.
Britain's donation will be used to support the supply of affordable medicines, at least £5 million a year to support research and offered to supply 20 million of the 125 million mosquito nets needed in affected areas.
"We need innovation, new drugs, and the most dramatic thing we need is vaccine," Gates told the BBC. "If we build on this momentum, we can save million of lives and chart a long-term course for eradication of this disease."
According to the World Health Organisation, malaria still kills more than a million people every year and it is hoped that the money will seriously reduce this figure by providing better and more affordable medicines in the next three years.
