Prince Alwaleed bin Talal of Saudi Arabia has announced he will donate his $32 billion personal fortune to philantropy.
The 60-year-old nephew of King Salman is one of the world’s richest people.
Prince Alwaleed said he had been inspired by the Gates Foundation, set up by Bill and Melinda Gates in 1997.
The money would be used to “foster cultural understanding”, “empower women”, and “provide vital disaster relief”, among other things, he said.
Prince Alwaleed is at number 34 on the Forbes list of the world’s richest people.
The money will go to the prince’s charitable organization, Alwaleed Philanthropies, to which he has already donated $3.5 billion.
Prince Alwaleed, who does not hold an official government position, is chairman of investment firm Kingdom Holding Company.
The company owns stakes in hotels The Four Seasons, Fairmont and Raffles, as well as News Corp, Citigroup, Twitter and Apple.
“This is very much separate from my ownership in Kingdom Holding,” he said at the announcement.
“Philanthropy is a personal responsibility, which I embarked upon more than three decades ago and is an intrinsic part of my Islamic faith,” he added in a statement.
Prince Alwaleed said he hoped the gift would “help build bridges to foster cultural understanding, develop communities, empower women, enable youth, provide vital disaster relief and create a more tolerant and accepting world”.
His announcement comes during the holy month of Ramadan, when Muslims are encouraged to give charity and help the needy.
Prince Alwaleed said the donation would take place over several years and would be overseen by a board of trustees, which he will head.