Saudi Prince Is Giving Away His Entire Fortune

Alwaleed's billions will go to charity
By John Johnson,  Newser Staff
Suggested by TopstepTrader1
Posted Jul 1, 2015 12:17 PM CDT
Saudi Prince Is Giving Away His Entire Fortune
Saudi Prince Alwaleed bin Talal waves as he arrives in Ramallah in the West Bank in this file photo.   (AP Photo/Majdi Mohammed)

The push by Bill Gates and Warren Buffett to get billionaires to give away at least half their wealth to charity just got a major boost: Saudi Arabia's Prince Alwaleed bin Talal says he will give away his entire $32 billion fortune in the coming years, reports Bloomberg. That amounts to "one of the biggest philanthropic gestures in history," observes the Financial Times. The 60-year-old Alwaleed, currently the 20th richest person in the world, says his "living will" will focus on areas that include wiping out disease, improving understanding between cultures, bringing power to remote areas, and empowering women.

Muslim and non-Muslim countries will benefit, but one in particular will gain the most. "Since most of my wealth was achieved from this blessed country, I have made giving back to Saudi Arabia my number-one priority—after which our philanthropic efforts will extend to countries around the world," he says. The move will not affect any investments in his Kingdom Holding Co., he says, adding that no shares will be sold and the share price won't be affected, reports Reuters. (More Saudi Arabia stories.)

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