Saudi Prince Alwaleed bin Talal has pledged to gradually give his entire $32 billion fortune to charity, the billionaire investor said on Wednesday, with the cash to be spent on areas including healthcare and women's rights.
The announcement was made in the middle of Islam's holy month of Ramadan, a period which promotes charity and thinking of those less fortunate through fasting.
It also comes in the wake of pledges by other vastly wealthy businessmen in recent years to dedicate often huge parts of their personal fortunes to good causes, including Bill Gates, George Soros and Jack Ma.
Prince Alwaleed's $32 billion will be channeled through his Alwaleed Philanthropies foundation to charities including those that promote health, disease eradication, disaster relief and women's rights, he told a news conference in Riyadh.
"I'm pledging that gradually, and in the coming years some amounts will be contributed to the Alwaleed foundation."
The prince did not give a time frame for when he would distribute the $32 billion, but said it would include assets both inside Saudi Arabia and outside.