Ranked 34th on Forbes’ list of the world’s billionaires, Prince Alwaleed bin Talal has announced he will donate all of his $32 billion fortune to charity.
Inspired by the Gates Foundation, founded by Bill and Melinda Gates, the owner of M/Y Kingdom 5KR said in an official statement that his billions would go to his organisation, Alwaleed Philanthropies, to which he has already donated $3.5 billion. The money is to be used to foster cultural understanding, and support communities in need, including aiding disaster relief.
The Saudi Prince also said the donation of his fortune would help causes that empower women – his views on which can be seen in his staff, which counts many women in its roster.
Prince Alwaleed bin Talal said, “This is very much separate from my ownership in Kingdom Holding. Philanthropy is a personal responsibility, which I embarked upon more than three decades ago and is an intrinsic part of my Islamic faith.”
Widely considered a self-made billionaire, Prince Alwaleed bin Talal built his wealth through seed money from his father and varied investments. His company, Kingdom Holdings, owns stakes in Disney, Apple, Twitter, GM, News Corp, 21st Century Fox and hotel groups, including The Four Seasons, Raffles and Fairmont.
It is not known whether the donation will include his 85.8m superyacht Kingdom 5KR, but the donation of the Prince’s billions will occur through a ‘well-devised’ plan in the coming years, supervised by a board of trustees.