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According to a statement released Wednesday, Saudi Arabian Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud who is a billionaire after investing in American, European and Middle Eastern companies is donating his $32 billion fortune to philanthropy. Alwaleed said after his death he wants his money to go to humanitarian causes.
He is ranked as the 34th richest person in the world on the Forbes list. Alwaleed’s major investments have included Twitter, Citigroup, as well as media companies like Time Warner and Disney.
Details about specific efforts were not released, but the board of trustees at Alaweed Philanthropies (which he is currently the head of) will come up with a plan to spend his fortune on initiatives related to education, healthcare and poverty.
In a press release Alwaleed had this to say:
“Philanthropy […] is an intrinsic part of my Islamic faith. 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.”
According to the business magnate Alwaleed has already funneled $3.5 billion to his charity for initiatives such as housing, gender equality, disaster relief and Alwaleed Philanthropies has also established centers and programs at prestigious universities such as Harvard and Cambridge. He has also partnered with charities like the Bill and Melinda Gates Foundation.
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