Saudi Arabian Prince Alwaleed bin Talal pledged to give his substantial fortune, worth $32 billion (£20bn) to charity after his death. The pledge was announced through a press statement he read to reporters gathered in Riyadh, according to the International Business Times.
In the statement, the prince said his donation “will help build bridges to foster cultural understanding, develop communities, empower women, enable youth, provide vital disaster relief and create a more tolerant and accepting world.”
The prince would begin moving the substantial wealth he has accumulated to his Alwaleed Philanthropic Foundation over the coming years.
The Saudi prince, nephew to the late king Abdullah, said that his two children supported his decision and will play a role in managing the foundation’s charitable giving after he dies. His son Prince Khaled will head the board of trustees, which is charged with directing the giving process. His daughter Princess Reem will become vice president of the board of trustees.
The move is reminiscent to the philanthropic efforts of other successful business leaders, such as Bill Gates and Warren Buffet . The Alwaleed Foundation, which was established in 2003, has worked with the Bill and Melinda Gates Foundation on the Gates’ initiative to eradicate malaria.
Prince Alwaleed’s fortune comes largely from his stake in Kingdom Holding, the investment firm he chairs, as well as his assets outside Saudi Arabia.
