Billionaire Saudi Prince Giving Away His Entire Fortune

(RTTNews) - Saudi Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud has pledged to give away his entire wealth amounting to $32 billion for charity. He said the fund will be utilized for cultural understanding, develop communities, empower women, enable youth, provide vital disaster relief and create a more tolerant and accepting world.

Alwaleed Bin Talal is one of the most powerful businessmen in the world. He is the chairman of Kingdom Holding Company or KHC and chairman of Alwaleed Philanthropies. KHC is listed on Tadawul, the Saudi Stock Exchange. The Alwaleed Philanthropies has been working in 92 countries, with special focus on education, to combat poverty and empower women. It has special divisions for social and community development in Lebanon and Saudi Arabia.

At a press conference, the Prince said, "This donation will be allocated according to a well-devised plan throughout the coming years. It will be based on a strategy that is supervised and managed by a board of trustees headed by me to ensure that it will be used after my death for humanitarian projects and initiatives."

For the last 35 years, the trust has served millions of people around the globe. It has been working hand in hand with the Bill & Melinda Gates Foundation, the Carter Center, the Weill Cornell Medical College for health care and epidemic control.

Alwaleed Bin Talal is a high profile investor and has invested in Citibank, Twitter, News Corp, Disney, Apple, Four Seasons Hotels, Savoy Hotels, etc. He has spent $550 million to bail out Citibank and sold most of his interest in News Corp. in 2014.