The 65-year-old opened up about his changing views in a video on Facebook this week.
In it, he said: "I'm sorry to say that prosperity has gone a little crazy and I'm correcting my own theology and you need to all know it. Because when I read the Bible now, I don't see the Bible in the same eyes I saw 20 years ago."
Hinn is known for his healing ministry along with teaching in which believers were asked to give money and receive God's blessing.
Speaking out against his previous beliefs, he said: "I think it's an offense to the Lord, it's an offense to say give $1,000. I think it's an offense to the Holy Spirit to place a price on the Gospel. I'm done with it. I will never again ask you to give $1,000 or whatever amount, because I think the Holy Ghost is just fed up with it."
His comments come a year after admitting he sometimes went "to the extreme" in preaching to people about prosperity.
In another Facebook video, he said: "It's not God's word that is taught and I think I'm as guilty as others.
"Sometimes you go a little farther than you really need to go and then God brings you back to normality and reality."
Benny Hinn has been criticised by many for living a lavish lifestyle while touring the world with his healing ministry.
In 2007, Hinn's ministry was investigated by US politicians on the Senate Committee on Finance to determine whether he had benefited personally from donations made to his church work.
Addressing his latest comments, Hinn's nephew Costi, who has been critical of his teachings in the past, said: "I'm encouraged to see him express a refutation of prosperity theology, and even admit to wrong teachings on that topic. Now, pray for undeniable, lasting fruit that exemplifies genuine repentance. Truth and time go hand in hand."
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