Saudi Prince Alwaleed to give entire $32 billion fortune to charity

Prince Alwaleed Bin Talal Bin Abdulaziz (Getty Images)

Saudi Arabian billionaire Prince Alwaleed bin Talal, the chairman of Kingdom Holding, said on Wednesday that the $32 billion of his wealth being allocated for philanthropy will include assets inside and outside the kingdom.

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

Prince Alwaleed said some of the donated wealth will include his personal stake in Kingdom Holding, the investment firm in which he owns the vast majority of the stock, but no shares would be sold and there would be no impact on the company's share price from his actions.

He declined to give a timeframe for the allocation of the sum to charity but said it would not impact on his overall investment strategy.

The prince said in a statement that the "philanthropic pledge will help build bridges to foster cultural understanding, develop communities, empower women, enable youth, provide vital disaster relief and create a more tolerant and accepting world."

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

Alwaleed was surrounded by this two children Prince Khaled and Princess Reem as he made the announcement. He said both were supportive of his decision.

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