Saudi Arabian Prince Alwaleed bin Talal is among the richest royals in the world, and he’s ready to give it all way. The prince wants to donate his entire $32 billion personal fortune to charity, he announced.
The donation will be used to “foster cultural understanding,” “empower women,” “provide vital disaster relief,” and more. “This is very much separate from my ownership in Kingdom Holding,” said Prince Alwaleed. “Philanthropy is a personal responsibility, which I embarked upon more than three decades ago and is an intrinsic part of my Islamic faith.”
Prince Alwaleed’s announcements comes during the holy month of Ramadan where Muslims abstain from negative behaviors, in addition to prayer, and giving zakat (charity).
The money is expected to be funneled through Prince Alwaleed’s organization, Alwaleed Philanthropies, to which he’s he’s already donated $3.5 billion.
Giving his money away is a move influenced by the philanthropic work of Bill and Melinda Gates, who founded the Gates Foundation in 1997. The couple said they were “inspired” by his plans. The prince hopes that the hefty donation will “help build bridges and foster culture understanding,” in addition to helping women and youth, and “create a more tolerant and accepting world.”
Prince Alwaleed is the nephew of King Salman, and is the 34th richest person in the world, according to Forbes. He holds no government position in his country, but he does lead his own financial investment firm, Kingdom Holding Company. He also owns stakes in Disney, Apple, GM, Twitter, 21st Century Fox, News Corp, The Four Season’s Hotel, and other companies.
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Photo: WENN
