Last week, Saudi Arabia’s billionaire Prince Alwaleed bin Talal vowed to donate his entire $32-billion (€28.8-billion) fortune to a variety of upcoming charitable projects in the next few years.
The prince released a statement: ‘my philanthropic donation will assist with the fostering of social understanding, developing societies, give more women around the world equal rights, as well as providing much needed disaster relief whilst working towards a more understanding and accepting world.’
He stated that his gift had no time limit however it would be allocated to a well-developed proposal for a series of humanitarian projects and initiatives. Mr Alwaleed said he would appoint a board of trustees who would spend the money on his behalf.
In the conservative Islamic jurisdiction, Mr Alwaleed holds no place in the government, but has an unusually high public profile and has created an increasing following after a number of public comments on various economic issues. During his press conference, he stated his pledge was inspired by the Bill and Melinda Gates foundation and other charitable funds in the US.