The billionaire says the move is "an intrinsic part" of his Islamic faith
Prince Alwaleed bin Talal of Saudi Arabia has announced that he will give his entire personal fortune to charity, the BBC reports.
The entire sum, $32 billion, will be made over to his own foundation, Alwaleed Philanthropies, to which he has already given $3.5 billion.
Alwaleed, who is ranked 34th on Forbes’ list of the world’s richest people, says his philanthropy is “an intrinsic part” of his Islamic faith and that he was inspired by Bill and Melinda Gates’ work with their Gates Foundation.
He hopes the money will be used to “empower women, enable youth, provide vital disaster relief and create a more tolerant and accepting world,” the BBC reports, although the Prince did not specify which programs or initiatives it would directly support.