Saudi prince pledges entire $43b fortune to charity

Saudi Arabian Prince Alwa-leed bin Talal
Saudi Arabian Prince Alwa-leed bin Talal

Guided by his Islamic faith, Saudi Arabian Prince Alwa-leed bin Talal, the 20th richest man in the world, has pledged to give away his entire US$32 billion (S$43 billion) fortune to charity.

His generous pledge, which comes in the holy month of Ramadan, will be used for causes such as disease eradication, empowering women and disaster relief.

While the prince is a nephew of King Salman, he holds no official position in the Saudi government.

Seen as an outsider in the conservative kingdom, he is known for frank interviews and being progressive on women's rights.

While he gave no timeframe for the disbursement, the funds will go to his charity Alwaleed Philanthropies, which has invested in US$3.5 billion worth of projects in more than 92 countries. He said he has already formed a board of trustees to pick and oversee projects.

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A version of this article appeared in the print edition of The Straits Times on July 03, 2015, with the headline 'Saudi prince pledges entire $43b fortune to charity'. Print Edition | Subscribe