Saudi Prince Alwaleed bin Talal to donate his entire $32 billion fortune to charity

Saudi tycoon makes ultimate philanthropic pledge

Saudi Arabia's billionaire Prince Alwaleed bin Talal on Wednesday announced his intention to donate his entire $32-billion fortune to charitable projects in the coming years.

"With this pledge, I am honouring my life-long commitment to what matters most - helping to build a more peaceful, equitable and sustainable world for generations to come," Alwaleed told reporters in Riyadh.

Alwaleed, a member of the Saudi royal family and nephew to late King Abdullah, is currently ranked as the 34th-richest person in the world by Forbes. The 60-year-old prince said he had been inspired by the Gates Foundation, set up by Microsoft co-founder Bill Gates and his wife Melinda in 1997.

The money would be used to "foster cultural understanding", "empower women", "enable youth" and "provide vital disaster relief", among other things, he said.

Bill Gates praised the decision, calling it an "inspiration to all of us working in philanthropy around the world".

Prince Alwaleed bin Talal said he plans to head a board charged with the task of giving away his fortune. Those efforts will continue after his death.

In the past 35 years, his Alwaleed Philanthropies has already distributed more than $3.5 billion. The prince is also bankrolling a project to build what will become the tallest building in the world, a tower in the Red Sea city of Jeddah that will stand 3,280ft tall.