Saudi Arabia’s Prince Alwaleed bin Talal has announced he will donate all of his $32 billion fortune to charity. Prince Alwaleed bin Talal is the owner of superyacht Kingdom 5KR.
In an official statement, the Saudi Prince said that his billions would go his organisation, Alwaleed Philanthropies, and be used to “foster cultural understanding” and support communities in need, including aiding disaster relief. Prince Alwaleed bin Talal also said the donation of his fortune would help causes that “empower women” – the Prince’s progressive views on women’s issues can be seen in his staff, which counts many women in its roster. Prince Alwaleed bin Talal has already donated $3.5 billion to his charity.
Prince Alwaleed bin Talal is one of the world’s wealthiest people, ranked at number 34 on Forbes’ list of the world’s billionaires. While he is a royal – the nephew to King Salman – Prince Alwaleed bin Talal doesn’t hold any official government position and is widely considered a “self-made” billionaire. According to the AP, he built his wealth through seed money from his father and varied investments. His company, Kingdom Holdings, owns stakes in Disney, Apple, Twitter, GM, News Corp, 21st Century Fox, and hotel groups including the The Four Seasons, Raffles and Fairmont.
Now Prince Alwaleed bin Talal is donating all of his fortune, stating he has been inspired by the Gates Foundation, founded by Bill and Melinda Gates. Bill Gates enjoys yachting holidays himself, having been spotted on superyacht Serene last year.
"Philanthropy is a personal responsibility, which I embarked upon more than three decades ago and is an intrinsic part of my Islamic faith," Prince Alwaleed bin Talal said in the statement.
Prince Alwaleed bin Talal owns the superyacht Kingdom 5KR, launched by Benetti in 1980. The 85.9 metre displacement motor yacht was designed by Luigi Sturchio, and she enjoyed a refit in 1993. The 1,768GT, Saudi Arabia-flagged yacht can accommodate 22 guests.
No word yet on whether donating all his wealth includes the eventual sale of Prince Alwaleed bin Talal’s superyacht Kingdom 5KR as well. An exact timeline of the donations was not announced in his statement, but the Prince said that the donation of his billions would occur through a “well-devised” plan in the coming years, supervised by a board of trustees that he will head.