Billionaire Saudi Prince vows to donate $32 billion in coming years

DUBAI, United Arab Emirates – Saudi Arabia’s billionaire Prince Alwaleed bin Talal, one of the world’s richest people, has announced he will donate all of his wealth to charity over the coming years.

The Saudi prince said in a statement that he will donate $32 billion to his organization called Alwaleed Philanthropies to work in the fields of “intercultural understanding” and supporting communities in need. Programs will include promoting health, eradicating disease, bringing electricity to remote villages, building orphanages and schools, as well as “empowering women.”

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The prince, who is chairman of investment firm Kingdom Holding Company, says he has already donated $3.5 billion to the charitable organization.

Alwaleed joins other billionaires who have made similar pledges in recent years, such as Warren Buffett, Bill Gates, Mark Zuckerberg and Michael Bloomberg.