Wednesday, Bill Gates announced that he would gift $20 billion to the Bill and Melinda Gates Foundation to solve "huge global setbacks."

Gates stated that the foundation he established in 2000 with his ex-wife, Melinda French Gates, now aims to spend $9 billion annually to fund innovations and causes that prevent pandemics, reduce childhood mortality, eradicate diseases, combat climate change, and advance gender equality.

"These innovations will not come in time to avoid the problems altogether, but the faster we move, the less people will suffer," added Gates. "For many, like myself, this is the most tangible way to contribute, even if it feels insignificant in comparison to the magnitude of the problems. Focusing on contributing to the solution is preferable to giving up in despair."

Before Wednesday, the foundation's top donor was Warren Buffett, chairman of Berkshire Hathaway, whose contributions totaled $35.7 billion.

Last year, the Gateses announced their separation. In conjunction with the dissolution, each pledged a $15 billion donation to the foundation. Melinda French Gates now leads Pivotal Ventures, her investment, and business incubation firm.

"Bill and Melinda are fully committed to continuing to work constructively together to advance the Foundation's program and policy goals," according to a statement first reported by Bloomberg.

Several unsubstantiated charges have been made against Bill Gates about the epidemic and, more recently, the national baby formula shortage.

According to Bloomberg, he is the fourth-wealthiest individual in the world, with a net worth of $114 billion. Gates stated on Wednesday that he intends to leave the list of the world's wealthiest people one day.

"My giving this money is not a sacrifice at all," he declared. "I believe it is my responsibility to return my resources to society in a manner that will have the most impact on enhancing the lives of others, and I consider it a privilege to be a part of addressing these formidable obstacles. I hope that others in positions of tremendous wealth and luxury would rise to the occasion as well."