Date
22 January 2017
Prince Alwaleed bin Talal announces that he will donate his entire fortune to charitable projects. Photo: AFP
Prince Alwaleed bin Talal announces that he will donate his entire fortune to charitable projects. Photo: AFP

Saudi prince to give away US$32 bln fortune

Saudi Arabia’s Prince Alwaleed bin Talal has pledged to give away US$32 billion over the coming years, Bloomberg reported.

There is no timetable for the donation, which represents his entire fortune, said Alwaleed, who is the world’s 20th-richest person, with US$30.5 billion, the Bloomberg Billionaires Index shows.

The gift will benefit Muslim and non-Muslim countries, Alwaleed said in a news conference in Riyadh Wednesday.

It will be used for building intercultural understanding, eradication of diseases, providing power to remote areas, building orphanages and schools, disaster relief and empowering women, he said.

Alwaleed said he hoped his gift would build a “better world of tolerance, acceptance, equality and opportunity for all.” 

The prince is the richest person in Saudi Arabia, and his wealth has risen by US$3.4 billion, or 12.7 percent, this year, Bloomberg figures show.

He said the pledge will not affect any of the investments or future projects of Kingdom Holding Co., his primary investment vehicle.

Alwaleed owns 95 percent of Kingdom, the investment company through which he holds stakes in Citigroup Inc. and Twitter Inc.

Since Bill Gates and Warren Buffett announced the Giving Pledge in 2010, about 200 people from around the world have promised to give away more than half their fortune.

The two richest Americans, who are worth US$151 billion combined, have put more than US$46 billion into the Bill and Melinda Gates Foundation.

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