Saudi Prince to donate his entire $32 billion fortune to charity

Inspired by the Gates Foundation, set up by Bill and Melinda Gates in 1997, Saudi Arabia's billionaire Prince Alwaleed bin Talal will donate his entire USD 32 billion fortune to charity.

The 60-year-old prince, who is one of the world's richest persons, said that the money would be used to foster 'cultural understanding' and 'provide vital disaster relief,' among other things, reported the BBC. Gates reacted to the statement, saying it was an inspiration to philanthropists around the globe.

Forbes has placed Prince Alwaleed on the 34th spot on the list of the world's richest people.

The money will go to the prince's charitable organisation, Alwaleed Philanthropies, to which he has already donated USD 3.5 billion.