Saudi Arabia’s richest man said Thursday he intended to give his entire pounds 20-billion (about $39 billion Canadian) fortune to charity.
Prince Alwaleed bin Talal, the nephew of King Salman and owner of an international conglomerate of hotels, media and other companies, said he would hand the money over to his personal philanthropic foundation.
He said he was following in the footsteps of Bill Gates, the Microsoft billionaire, who has donated vast sums to his Gates Foundation.
However, the prince is going one step further in donating all his spare cash.
In a statement posted on his website, he said the money would promote intercultural understanding and “support needy communities, through health promotion, eradication of diseases, provision of electric power to remote villages and hamlets, building orphanages and schools, and much more, as well as providing disaster relief and empowering women, youth and poverty alleviation”.
Kingdom Holding Company via Bloomberg…
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