Prince Alwaleed Bin Talal, a Saudi billionaire, has pledged his entire fortune to the tune of $32 billion to charitable projects. While many of his philanthropic projects are already underway, the prince has confirmed the funds will be made available even after his death.
The prince, who is widely known to donate generously to maintain his many charities, informed reporters that he would be moving the bulk of his wealth amounting to $32 billion, to his Alwaleed Philanthropic Foundation, reported International Business Times. Though he hasn’t set a date when the sum will be transferred to the foundation’s coffers, he assured, via a statement, that the funds will be readily available for the majority of his projects.
“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.”
Though the donations will be made available “according to a well-devised plan throughout the coming years,” the prince stressed there is no time-bound plan, and these funds could be spent as and when the need arose,
“It is a commitment without boundaries. A commitment to all mankind.”
To ensure the funds were put to good use, Alwaleed will personally head a board of trustees that will make sure the prince’s considerable fortune is distributed with diligence and business acumen. He categorically mentioned that pledge would be held valid irrespective of him being alive or dead.
Alwaleed Bin Talal has always had a good foresight, and the prince has routinely invested in promising companies like Twitter. At the press conference, he praised The Bill and Melinda Gates Foundation in the U.S. and shared that his intentions and visions were “modeled” on the philanthropic organization spearheaded by Bill Gates and his wife, Melinda Gates.
The Bill and Melinda Gates Foundation is the largest private foundation in the world, and it has been funding research that aims to reduce world hunger and provide newer avenues of self-sustenance to the indigenous and at-risk populations. The foundation supports schools in the impoverished regions of Africa and ensures they have access to modern technology. With an endowment of $42.3 billion as of November 24, 2014, the foundation will still be larger than the one envisioned by Alwaleed Bin Talal. Nonetheless, the Alwaleed Philanthropic Foundation will be one of only handful philanthropic endeavours with such a huge financial backing.
Prince Alwaleed Bin Talal is the nephew to the late King Abdullah, who passed away recently and was respected by the world leaders. Interestingly, Alwaleed made the announcement with both his children, Prince Khaled and Princess Reem, standing beside him. He confirmed both were wholly supportive of his decision.
[Image Credit | Fayez Nureldine / Getty Images]