Prince Al Waleed bin Talal, one of the richest men in the world, is planning on giving his entire $32 billion (£20bn) fortune, said he wants to donate to groups that promote health and help with disaster relief. By 2005 he was worth $10bn (£6.4bn) and had earned the nickname ‘Buffett of Arabia’ after American business magnate Warren Buffett. His investments include London’s Savoy Hotel, Apple, Citigroup and News Corp.
The 60-year-old will also support women’s charities and those that look towards eradicating disease.
He did not say whether the generous move would have any impact on his holdings. Mr bin Talal is the grandson of Saudi Arabia’s founder Ibn Saud. He is said to have started his business empire with a $30,000 (£19,000) gift from his father and a $300,000 (£191,000) loan.
The businessman has been known for his extravagant gifts and previously gave 25 Bentleys to members of a Saudi football team. He also promised to give a free Bentley to every pilot involved in the Yemen air strikes earlier this year.