Prince Alwaleed to give entire fortune to charity

Saudi Arabia’s Prince Alwaleed on Wednesday pledged to donate his entire $32 billion fortune to philanthropy.

“It is a commitment without boundaries. A commitment to all mankind,” the prince told reporters on Wednesday in Riyadh.

Alwaleed added: “The donation will be allocated according to a well devised plan throughout the coming years.

“It will be based on a strategy that is supervised and managed by a board of trustees headed by me to ensure that it will be used after my death for humanitarian projects and initiatives.”

He said there was no time limit, adding:”This is an open situation. In time all my wealth will go to good causes. Right now the bulk of the income not the assets will go to good causes.”

The prince said this decision was “a big incentive for me to make more profits”.

He added the Alwaleed Foundation would be the recipient of the funds.

Original article by Anil Bhoyrul

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Prince Alwaleed to give entire fortune to charity