One of the wealthiest men in the world is giving away his entire $32 billion fortune to charity
According to the Bloomberg Billionaires Index, Alwaleed is the world’s 25th richest person with a personal wealth estimated at $28.7 billion. Whereas Forbes Magazine named him as the 34th wealthiest human on the planet.
Alwaleed, the 60-year-old nephew of Saudi Arabia’s royal leader King Salman, will channel his donation to Alwaleed Philanthropies, an organization that has worked to support and initiates philanthropic projects in over 90 countries around the world.
“This donation will be allocated according to a well-devised plan throughout the coming years,” the prince said in a statement. “Philanthropy is a personal responsibility, which I embarked upon more than three decades ago and is an intrinsic part of my Islamic faith.
“With this pledge, I am honouring my life-long commitment to what matters most – helping to build a more peaceful, equitable and sustainable world for generations to come.”
The prince, a Saudi business magnate and investor, noted his decision was inspired by the one, the only, Mr. Bill Gates.
He said he had been inspired by the Gates Foundation, set up by Bill and Melinda Gates in 1997.
The money would be used to “foster cultural understanding”, “empower women”, and “provide vital disaster relief”, among other things, he said.
Even Bill Gates applauded the prince, calling him “an inspiration to all of us working in philanthropy around the world.”
The prince, who does not hold an official government position, is chairman of investment firm Kingdom Holding Company.
Who is Prince Alwaleed bin Talal Al Saud?
– Time magazine, who labeled the Prince as the “Arabian Warren Buffett,” born in Jeddah on 7 March 1955. He is the nephew of King Salman.
– Studied at Menlo College in California and holds a master’s degree in social science with honors from Syracuse University.
– Founder of Kingdom Holding Company, a Riyadh-based publicly traded conglomerate
– Owns a 371-room, 42,700 sq m (460,000 sq ft) palace in Riyadh, a Boeing 747-400 and an A380, and an 85m super yacht
– Considered Westernized and progressive on most issues. Champions women’s rights – most of his staff are women