> Warren Buffett Blog: Warren Buffett of Saudi Arabia to donate $32 billion to charity

Wednesday, July 8, 2015

Warren Buffett of Saudi Arabia to donate $32 billion to charity

Saudi Arabia's version of Warren Buffett and billionaire Prince Alwaleed bin Talal, one of the world's richest people, announced that he will donate all of his wealth of $32 billion to charity over the coming years.

The money will go to the Saudi prince's organization called Alwaleed Philanthropies to work in the fields of "intercultural understanding" and supporting communities in need, he said in a statement. Programs will include promoting health, eradicating disease, bringing electricity to remote villages, building orphanages and schools, as well as "empowering women."

"Philanthropy is a personal responsibility, which I embarked upon more than three decades ago and is an intrinsic part of my Islamic faith," he said in the statement, which came during the holy month of Ramadan when Muslims are encouraged to give charity and help the needy.

The prince built his wealth through seed money from his father and smart investments. Kingdom Holding owns stakes in hotels like The Four Seasons, Fairmont and Raffles, as well as companies such as News Corp., Citigroup, Twitter and Apple.

Alwaleed joins other billionaires who have made similar pledges in recent years, such as Warren Buffett, Bill Gates, Mark Zuckerberg and Michael Bloomberg.