Inspired by the Bill and Melinda Gates Foundation, and other American based charities, Saudi billionaire, Prince Alwaleed bin Talal, has decided to donate all his fortune to charity.
Saudi prince donates entire fortune to charity
It will be based on a strategy that is supervised and managed by a board of trustees.
According to him, "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.”
Alwaleed added that it is a commitment to the good of mankind.
He also made it clear, that he was donating his entire income worth $32 billion, and not his assets. The funds will given to various charities, and it will be managed by a board.
Speaking at a press conference, he said "What I am doing today is institutionalising the process. After my death my son will become the president of the board of trustees and my daughter Vice President. This will make it very clear how this is operated."
He was quick to add that the donation was "a big incentive for me to make more profits.”
Prince Alwaleed bin Talal was born on March 7, 1955 in Riyadh, Saudi Arabia. He is a member of the Saudi royal family, and his wealth was put at $22.8 billion by Forbes.
Take a look at Prince Alwaleed’s massive property.
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