Rabat - Saudi Arabia’s billionaire Prince Alwaleed Bin Talal, one of the world’s richest men, can now also lay claim to be one of the most generous. The Saudi Prince reportedly plans to give $32 billion to charity.
Rabat – Saudi Arabia’s billionaire Prince Alwaleed Bin Talal, one of the world’s richest men, can now also lay claim to be one of the most generous. The Saudi Prince reportedly plans to give $32 billion to charity.
On Wednesday, Prince Alwaleed Bin Talal revealed in a news conference in Riyadh that he will donate his entire wealth, estimated at $32 billion, to charity in coming years via Alwaleed Philanthropies.
This huge sum of money will be given to charities “including those that promote health, disease eradication, disaster relief and women’s rights,” Prince Alwaleed explained.
He went on to add that, “It will be based on a strategy that is supervised and managed by a board of trustees headed by me to ensure that it will be used after my death for humanitarian projects and initiatives.”
Prince Alwaleed Bin Talal’s holding includes stakes in Twitter, Citigroup, hotel management companies such as the Four Seasons Hotels & Resorts, Movenpick Hotels & Resorts and Fairmont Raffles Holding, as well as hotel real estate such in establishments such as the Hotel George V in Paris and a stake in the Savoy Hotel in London, according to Forbes.
Speaking to a local media outlet, the 60-year-old Prince said that, “It is a commitment without boundaries, a commitment to all mankind.
Prince Alwaleed Bin Talal is not the first billionaire to donate his fortune to charity. In 2010, Bill Gates and Warren Buffett launched The Giving Pledge in 2010, a campaign to persuade billionaires to donate at least half of their fortunes to charity.
More than one hundred billionaires worldwide joined the campaign and donated their money to charity, including Michael Bloomberg and Facebook ‘s chief executive, Mark Zuckerberg.
In 2011, Saudi Arabia’s Sheikh Suleiman Al Rajhi signed up, donating away part of his $6 billion fortune to charity.