Saudi prince promises to give away entire $32 billion fortune to charity

Published July 2nd, 2015 - 06:42 GMT
Alwaleed bin Talal announced Wednesday he would give all of his money to charity in the coming years. (AFP/File)
Alwaleed bin Talal announced Wednesday he would give all of his money to charity in the coming years. (AFP/File)

Saudi Prince Alwaleed bin Talal announced Wednesday he would give all of his money, a $32 billion fortune, to charity in the coming years, the Associated Press reported.

One of the richest people in the world, bin Talal said the money would go to his organization, Alwaleed Philanthrophies, to promote intercultural understanding through helping communities in need. Programs include improving health and electricity, building schools and "empowering" women, according to the AP. The prince said $3.5 billion has already been donated.

“Philanthropy is a personal responsibility, which I embarked upon more than three decades ago and is an intrinsic part of my Islamic faith,” Alwaleed said in a statement after the holy month of Ramadan started. 

Alwaleed doesn't hold a government position but built up his seed money through investment ventures. The chairman of investment firm Kingdom Holding Co., he holds stakes in major companies like The Four Seasons hotel, Apple, Twitter and Citigroup. 

 


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