Bill Gates has pledged to continue increasing his donations to education, health and economic development despite a sharp fall in the value of his endowment, caused by the recent collapse in global financial markets.

In an interview with the Financial Times, Mr Gates stressed that he would continue to expand annual disbursements by the Bill & Melinda Gates Foundation, which will total about $3bn (€2.4bn, ￡2bn) this year, unless “the world completely devalued”.

“The foundation isn't really changed by the fact that there is a two-to-four-year recession,” he said, stressing that its commitments required 15-20 years' activity. “You only get the benefit if you really stay the course. We'll just be spending a higher percentage of assets than we would have been otherwise.”