Saudi Prince to Give Away $32B Fortune

San Franscisco, California, July 4, 2015 (Newswire.com) - The 60-year-old magnate is the nephew of the late Saudi King Abdullah. Alwaleed is the richest person in Saudi Arabia. He ranks 34 on the Forbes list of the world's richest people.

"The donation will be allocated according to a well-devised plan throughout the coming years", he said, but stressed there was no time limit for the donation to be spent and would still be used after his death for charitable initiatives.

Inspiration to all of us working in philanthropy around the world

Bill Gates, Founder, Bill and Melinda Gates Foundation

The prince intends to benefit both Muslim and non-Muslim countries from this generous gift. He further said that the philanthropic pledge will be used to promote inter-cultural understanding, women and youth empowerment, community development, disease relief, building orphanages and schools, and providing power to remote areas.

Alwaleed told reporters he has already donated a total of $3.5 billion over more than 35 years to his charity unit Alwaleed Philanthropies, which has been working with The Bill & Melinda Gates Foundation and The Carter Center to strengthen health care and control epidemics. The charity has also distributed houses and provided electricity to isolated communities of Saudi Kingdom, also supporting different projects all over the world. He stated that his pledge is modelled on The Bill and Melinda Gates Foundation in the United States. Bill Gates appreciated the decision of Prince Alwaleed, "inspiration to all of us working in philanthropy around the world", he said.

The Saudi Prince added that he considers charity his personal responsibility and a part of his Islamic faith. The announcement comes during the holy month of Ramadan, when Muslims are encouraged to help the needy. He hoped that the philanthropic pledge will help in creating a more tolerant and accepting world with equal opportunity for all.