The nephew of the late King Abdullah, Saudi Arabian Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, is to relinquish his $32 billion fortune to charity.
According to a statement released on Wednesday, July 1, Saudi Arabian Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, is donating his $32 billion fortune to philanthropy.
The prince has been so successful in business and he sometimes referred to as the Arabian Warren Buffett, after the US billionaire.
He made billions investing in American, European and Middle Eastern companies.
Alwaleed said he wants his money to go to humanitarian causes after his death. The release did not identify specific efforts, but said the board of trustees at Alaweed Philanthropies, which he currently heads, will craft a plan to spend the money on initiatives related to healthcare, education and poverty.
"Philanthropy is an intrinsic part of my Islamic faith," Alwaleed said in the press release.
"With this pledge, I am honoring my life-long commitment to what matters most, helping to build a more peaceful, equitable and sustainable world for generations to come."
Forbes ranks Alwaleed at the 34th richest person in the world.