Bill Gates pledges to drop off the world's richest list by donating $20billion to his philanthropic fund

Bill Gates plans to leave the world's rich list by donating $20billion to his philanthropicfund.The Microsoft co-founder is the fourth richest man in the world and is reportedly worth around $122billion.Taking to twitter,

Bill wrote: "As I look to the future, I plan to give virtually all of my wealth to the foundation."I will move down and eventually off of the list of the world's richest people."Bill plans to make a donation of$20bn (£17bn) to his philanthropic fund this month.

"With the support and guidance of our board, we plan to increase our spending from nearly $6 billion per year today to $9 billion per year by 2026," he wrote. "To help make this spending increase possible, I am transferring $20 billion to the foundation's endowment this month.

"The billionaire set up the Gates Foundation in 2000 with his former wife Melinda.Speaking about how it is his duty to give back to society, Bill said: "I have an obligation to return my resources to society in ways that have the greatest impact for reducing suffering and improving lives. And I hope others in positions of great wealth and privilege will step up in this moment too."