Saudi prince will donate all wealth, $32B worth
RIYADH — Saudi Arabia's billionaire Prince Alwaleed bin Talal, one of the world's richest people, announced Wednesday that he will donate all of his $32 billion to charity over the coming years.
The money will go to the Saudi prince's organization called Alwaleed Philanthropies to work in the fields of “intercultural understanding” and supporting communities in need, he said in a statement. Programs will include promoting health, eradicating disease, bringing electricity to remote villages, building orphanages and schools, and “empowering women.”
The prince, chairman of investment firm Kingdom Holding Company, said he has donated $3.5 billion to the charitable organization.
Educated in California, Alwaleed joins other billionaires who have made similar pledges in recent years, such as Warren Buffett, Bill Gates, Mark Zuckerberg and Michael Bloomberg. He credited the Bill and Melinda Gates Foundation for its wide range of charitable projects and said his organization has partnered with it on health initiatives.
“Philanthropy is a personal responsibility, which I embarked upon more than three decades ago, and is an intrinsic part of my Islamic faith,” he said in the statement, which was made during the holy month of Ramadan when Muslims are encouraged to give charity and help the needy.