While Bill Gates is best known as the co-founder of Microsoft Corporation MSFThe has gained prominence over the years for his philanthropy and opened the doors to Bill & Melinda Gates Foundation in 2000. Since then, the foundation has spent more than $79 billion to fund health and education initiatives, among others.

The tech billionaire accepted Twitter Inc TWTR in July to announce an additional $20 billion donation to the foundation, while essentially saying he no longer wants to be rich and would rather give his resources back to those who need them most.

“As I look to the future, I plan to give practically my entire fortune to the foundation. I will move down and eventually disappear from the list of the richest people in the world.” Gates wrote on the platform.

Gates is currently the fifth richest person in the world Bloomberg’s Billionaire Index – The $20 billion donation could put him eighth on the list and move a close friend and fellow billionaire Warren Buffett to seventh place.

He also took the time to thank Buffett for donating nearly half of the foundation’s controlled resources.

“Even though the foundation bears our name, essentially half of our resources come from Warren Buffett,” Gates wrote, “his incredible generosity is a big reason the foundation could be so ambitious. I can never adequately express how much I appreciate his friendship and guidance.”

The foundation aims to increase its annual spending to $9 billion by 2026, up from its current $6 billion annually.

With the support and guidance of our Board of Directors, we plan to increase our spending from nearly $6 billion per year today to $9 billion per year by 2026. To enable this increase in spending, I’m making a $20 billion contribution to the endowment fund this month. pic.twitter.com/ybLMAKPx7I

— Bill Gates (@BillGates) July 13, 2022

“I have an obligation to give my resources back to society in a way…