Michael Bloomberg, the former mayor of New York, says he would have "earned my place in Heaven" as he announced plans to pour US$50 million ($58 million) of his fortune into the fight for stricter gun laws in the United States.
The billionaire's investment is intended to build a campaign organisation dedicated to combating the power of the National Rifle Association (NRA), the US' foremost gun lobby group. "We've got to make them afraid of us," Bloomberg told the New York Times on Thursday.
Campaigners hope Bloomberg's money will breathe fresh life into the stalled effort to curb gun violence.
The White House began a push for new gun laws after the Sandy Hook school massacre in December 2012, where 20 primary schoolchildren and six teachers were killed.
That effort collapsed in April last year when Senate Republicans and a handful of conservative Democrats voted against even a small expansion of background checks for people trying to buy guns. The April vote was seen as a triumph for the NRA, which spends millions of dollars supporting candidates from both parties.