In a recent gesture of philanthropy and charity, Saudi Prince Alwaleed bin Talal recently announced that he will be donating his entire self worth to various causes in coming years. A total of $32 billion will be dispersed to different organizations in order to build a world of “better…tolerance, acceptance, equality and opportunity for all.” Alwaleed has already donated $3.5 billion to charity and will significantly outdo this number with his proposed pledge.
The current pledge from the Prince is above his estimated net worth of $30.5 billion, ranking him as the twentieth richest person in the world. Nephew to the late King Abdullah, Alwaleed gained his wealth through founding an investment company in the early 1980’s named Kingdom Holding. The company holds stake in a wide variety of investments including real estate, hotels, and companies such as Citigroup, GM, and Twitter.
When asked why he was giving his wealth away, the Prince humbly replied: “Everyone goes through certain life-changing situations that have a great effect on his or her crucial future decisions.” He added after his observation of the conditions across the world, coupled with the hurdles that many organizations face to fix these conditions, inspired him to do something to help in a significant way.
The coming donations will be funneled to his organization, Alwaleed Philanthropies, a partner of the Bill and Melinda Gates Foundation, Carter Center and the Weill Cornell Medical College.
The growing trend of philanthropy worldwide has shown no sign of slowing down, as well privileged individuals are giving more and more of their hard earned savings to noble causes. Prince Alwaleed is just the latest billionaire to join the ranks of the Giving Pledge, which consists of the world’s wealthiest family and individuals who will dedicate the majority of their wealth to charitable organizations.
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