A Saudi Prince Is Giving Away His Entire Fortune to Charity—and It’s a Lot
Talk about a dream prince.
Prince Alwaleed Bin Talal of Saudi Arabia, one of the world’s wealthiest individuals, announced yesterday that he will donate his entire $32 billion fortune to charitable causes. The massive paycheck will be gifted to his nonprofit organization, Alwaleed Philanthropies, which works in 92 countries supporting a variety of development work, including poverty alleviation, educational access, housing, and disaster relief.
“I have had the opportunity to witness firsthand the challenging conditions of many communities across the globe and have stood among those who were suffering and in great need,” Alwaleed said in his pledge announcement speech. “Given the world’s current economic and social conditions and the devastating effects of war and natural disasters around the world, more collaborative efforts are required from all capable individuals.”
True to his word, Alwaleed has been involved in philanthropy work for more than 35 years, previously donating $3.5 billion to his foundation, which has partnered with the Gates Foundation and the Carter Foundation.
So, Why Should You Care? The most recent donation will clearly be a game changer—initiatives will include providing electricity to rural villages, disease eradication, and building orphanages and schools, according to the press release. And in a country notorious for limiting women’s rights, Alwaleed and his organization will be using the funds to promote women’s empowerment, including literacy advocacy and providing courses on how women can run for local government.
The prince, who made his millions as chairman of investment firm Kingdom Holding Company—which has stakes in Apple, Twitter, Saks Fifth Avenue, and The Four Seasons hotel chain—will be carefully allocating the $32 billion over several years through a “well-devised plan” managed by a board of trustees and headed by Alwaleed himself.
“Early in my life I had a dream that I have always hoped to realize,” he said. “I wished to wake up one day to see a world of tolerance, acceptance, equality, and opportunity—for all.”