Saudi Arabian billionaire – and nephew of the late King Abdullah – Prince Alwaleed bin Talal has announced his intention to donate his the entirety of his $32 billion wealth to philanthropic causes over the next few years.
The 60 year-old prince said he would donate the money through his organisation Alwaleed Philanthropies.
The money will then go to a variety of causes including healthcare, modernisation, intercultural understanding, eradicating disease and empowering women.
“This donation will be allocated according to a well-devised plan throughout the coming years,” said the prince. “Philanthropy is a personal responsibility, which I embarked upon more than three decades ago and is an intrinsic part of my Islamic faith.
“With this pledge, I am honouring my life-long commitment to what matters most – helping to build a more peaceful, equitable and sustainable world for generations to come.”
The Prince has been supporting philanthropic causes for over 35 years, with donations so far amounting to $3.5 billion.
Prince Alwaleed has previously collaborated with fellow famous philanthropist Bill Gates on a polio eradication programme. Gates commented that Prince Alwaleed’s latest pledge is “an inspiration to all of us working in philanthropy around the world.”
However, despite his reputation for philanthropy, Prince Alwaleed has gained much criticism for some of his pastime activities. Most notably, his participation in the controversial practice of “dwarf-tossing” is renowned – a practice widely criticised for being both perilous and exploitative.