Dec. 2 (UPI) — The Dell family plans to contribute more than $6 billion to a new saving account program unveiled by U.S. President Donald Trump for U.S.-born babies as Trump seeks out other billion-dollar donations.
The CEO of Dell Technologies, Michael Dell and his wife Susan, announced Tuesday a $6.25 billion commitment in seed funding for investment accounts for around 25 million American-born children.
Michael Dell said it’s designed to “help families feel supported from the start and encourage them to keep saving as their children grow.”
Dell’s nonprofit advocacy group Invest America, hailed it as the largest-ever donation to America’s young population.
“We know that when children have accounts like this, they’re much more likely to graduate from high school, from college, buy a home, start a business and less likely to be incarcerated,” he told CNBC.
In June, the Trump administration unveiled plans for the U.S. government and companies to collectively invest money in savings accounts for the offspring of employees.
The pilot program would seed index fund accounts with $1,000 in Treasury Department funds for U.S. citizens born between Jan. 1, 2025, and Dec. 31, 2028.
Accounts can be opened starting July 4 of next year.
Companies, employees, other family members and friends also can make post-tax contributions up to $5,000 annually.
In 1999, Michael Dell made Fortune’s inaugural list of America’s 40 richest under 40.
The Dells’ financial commitment will seed accounts with $250 for enrolled children aged 10 or under born before January this year.
It targets around 25 million kids aged 10 and under in U.S. zip codes with a median household income at $150,000 or less.
However, it lacks certain tax advantages and withdrawals are not permitted until its namesake turns 18. Its assets then get rolled into an IRA account with taxed withdrawals.
“We want to help the children that weren’t part of the government program,” according to Dell.