Saudi Prince offers all of his fortune to charity - July 12, 2015

Saudi Prince offers all of his fortune to charity

Alwaleed bin Talal made a surprising announcement; he decided to give away his entire fortune, i.e. $32-billion to charity in order to stop famine and poverty. But don’t worry, he won’t go penniless.

This is not the first time that the Saudi Prince offers such great amount of money to charity. He has already given $3.5-billion to his charitably organisation Alwaleed Philantropies. This time he contributes $32-billion to the same organisation to build a better world of “tolerance, acceptance, equality and opportunity for all”.

“I wished to contribute to the elimination of poverty and famine, and to support development, health and education in the most deprived communities,” quotes the prince the CNBC.

His home is his priority

Alwaleed said philanthropy was an "intrinsic part" of his Islamic faith and that his wealth had been "bestowed by God and by being in this great nation (Saudi Arabia)."

Although a great part of the money will go to international purposes, Saudi Arabia and the Middle East is his priority.

Since most of my wealth was achieved from this blessed country, I have made giving back to Saudi Arabia my number one priority, after which our philanthropic efforts will extend to countries around the world in accordance with the regulations governing charitable activities, he added.

Bill Gates was touched

The Saudi Prince’s organisation has collaborated with other worldwide charitable organisations including The Bill & Melinda Gates Foundation. Bill Gates applauded the pledge and said it was an “admirable milestone”.

His gift is an inspiration to all of us working in philanthropy around the world," said in a statement the world’s richest man.

He won’t go penniless

The Saudi Prince is a well-known businessman, investor; his Kingdom Holding Company has investments in such luxury hotels as Four Seasons Savoy Hotel in London and media giants as News Corp and Time Warner. He also owns Apple, Citigroup and Twitter shares.

As Awalee said, his pledge of $32 billion was separate to his ownership of Kingdom Holding and would not impact on shares in the company. "I'm selling no shares whatsoever."

According to CNBC, this is not a first that the Saudi Prince is all over the news. His extravagant lifestyle appears in the media quite often. Recently, he became the center of attention when he offered 100 Bentleys to fighter jet pilot who had been the victims of air strikes in Yemen.