San Francisco, Dec 28 (IANS): Former Microsoft CEO Steve Ballmer, who is presently the sixth richest person globally, is set to collect a staggering $1 billion (nearly Rs 8,323 crore) in annual dividend payments from the tech giant in 2024.

This comes after Microsoft's decision to increase its quarterly dividend to 75 cents per share, amounting to $3 per share annually, reports CNN.

Ballmer owns about 4 per cent of the company, equivalent to 333.2 million shares.

His significant stake has increased in value to roughly $130 billion, representing a $44 billion increase in wealth this year alone, due to a spectacular 56 per cent increase in Microsoft's stock price.

In October, Ballmer was ranked as the world's fifth-richest person on the Bloomberg Billionaires Index.

Ballmer's fortune has increased by an estimated $29 billion this year to about $115 billion, trailing his boss Bill Gates -- who was in fourth position with $121 billion, reports Insider.

Ballmer joined Microsoft in 1980 as Microsoft co-founder's assistant, however, he was more of a business manager than a personal assistant. He became Microsoft's CEO in 2000 and stepped down in 2014.

The tech giant paid $2.79 per share in dividends this year, resulting in an annual payment of about $930 million to Ballmer, depending on his ownership.