Saudi Arabian Alwaleed bin Talal has said he will donate his entire $32bn (£20bn; €29bn) fortune to charity, BBC reported Wednesday quoting the billionare Prince as saying had been inspired by the Gates Foundation, set up by Bill and Melinda Gates in 1997.
The money will go to the prince's charitable organisation, Alwaleed Philanthropies, to which he has already donated $3.5bn.
BBC says the Prince’s fortune would be used to "foster cultural understanding", "empower women", and "provide vital disaster relief", among other things adding that Prince Alwaleed, 60, is one of the world's richest people. Prince Alwaleed is listed by Forbes at number 34 on the list of the world's richest people, according to BBC.
Mr Gates praised the decision, calling it an "inspiration to all of us working in philanthropy around the world".