Billionaire Jeff Bezos wants even more of your hard-earned money.

His company, Amazon, has revealed it will increase the annual cost of a Prime membership in the US. It will cost $119 a year, a 20-per cent increase from the previous $99 price. This change will go into effect from 16 June for all existing Prime customers - based on their renewal period, according to Amazon chief financial officer Brian Olsavsky.

He announced the price hike during Amazon’s first-quarter 2018 earnings call. As for new Prime members, they will pay the new $119 price starting 11 May. Now, it's been a few years since Amazon raised the price of an annual Prime membership, though, earlier this year, it adjusted the monthly Prime plan from $10.99 to $12.99 a month.

Keep in mind Bezos, Amazon's CEO, recently announced for the first time that Prime had surpassed 100 million members worldwide. So, when asked why Amazon wanted to change its rates, Olsavsky explained: “It’s really nothing more than looking at the state of the program... There’s all kinds of new features we’ve added to the program."

He added, "Prime is much different than it was in 2014.” The 13-year-old service is available in multiple countries around the globe. It's a paid membership that, for an annual or monthly fee, gives access to a number of Amazon services and enhancements, including same-day or two-day delivery, Prime Now, Prime Music, Prime Video, and more.

You can read all about Prime and how it works from here