Saudi Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud has announced that, over the coming years, he will transfer his entire $32 billion fortune to his foundation.
With the aim of building a "better world of tolerance, acceptance, equality and opportunity for all," Alwaleed said in a statement that he would begin transferring his wealth to Alwaleed Philanthropies, to which he has already donated $3.5 billion in support of charitable projects, and that the "commitment [is] without boundaries." The foundation works to promote more sustainable communities, empower women and youth, assist the survivors of disaster, and create a more tolerant and accepting world. The prince will head a board of trustees tasked with spending the funds, which will continue to be distributed after his death "for humanitarian projects and initiatives."
A nephew of the late King Abdullah, chair of the investment firm Kingdom Holding — which has interests ranging from Euro Disney to the Four Seasons hotel group and Citigroup — and a major shareholder in Twitter, Alwaleed said his pledge was inspired in part by the Bill and Melinda Gates Foundation, with which Alwaleed Philanthropies has partnered. In Forbes' 2013 ranking of the world’s richest people, the prince was listed as twenty-sixth, with a personal fortune of $20 billion, a figure he disputed, claiming his net worth had been undervalued by $9.6 billion.
"Philanthropy is a personal responsibility, which I embarked upon more than three decades ago and is an intrinsic part of my Islamic faith," he said. "With this pledge, I am honoring my lifelong commitment to what matters most — helping to build a more peaceful, equitable, and sustainable world for generations to come."