Saudi Arabia’s Prince Alwaleed bin Talal has pledged to give away $32 billion over the coming years.
There is no time scale set for the donation, which represents all of his fortune, according to Alwaleed. The billionaire is the world’s 20th richest person with $30.5 billion, according to the Bloomberg Billionaires Index.
The gift would benefit Muslim and non-Muslim countries, Alwaleed said in a press conference in Riyadh today. It would be used for work in areas including inter-cultural understanding, disease eradication, providing power to remote areas, building orphanages and schools, disaster relief and empowering women, he said.
Since Bill Gates and Warren Buffett announced the Giving Pledge in 2010, about 200 individuals from around the world have promised to give away more than half of their fortune in life or death. Gates and Buffett are leading by example. The two richest Americans, who are worth $151 billion combined, according to the Bloomberg Billionaires Index, have put more than $46 billion into the Gates foundation.
The Prince hoped the gift would build a “better world of tolerance, acceptance, equality and opportunity for all,” he said in a statement.