Saudi Arabian billionaire Prince Alwaleed bin Talal has announced that he will donate his personal fortune amounting to £20 billion to charity.
Prince Alwaleed, who is ranked 34th on Forbes’ list of the world’s richest people, will put his money into his own charitable organisation, Alwaleed Philanthropies, to which he has already donated over £2 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 explained.
He said that the donation could “help build bridges to foster cultural understanding, develop communities, empower women, enable youth, provide vital disaster relief and create a more tolerant and accepting world“.
The Prince has said he has been inspired by the philanthropic work of Bill Gates, who founded the Gates Foundation with his wife and which has raised billions of dollars.
Bill Gates responded the announcement, hailed the Prince as an “inspiration to all of us working in philanthropy around the world“.
Prince Alwaleed has said that the donation will be made of a period of several years, with the funds being overseen by a board of trustees, which he will chair.
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