Saudi prince becomes latest billionaire to give fortune away to good causes

A middle eastern prince is set to become the world’s greatest philanthropist – after pledging his entire £20 billion fortune to charity.

Saudi business magnate Prince Alwaleed bin Talal, the 60 year old nephew of the late King Abdullah, will donate the cash over the coming years via his charity Alwaleed Philanthropies.

He has stipulated the cash will be used on projects promoting health, intercultural understanding, empowering women and eradicating disease.

The prince said: “This donation will be allocated according to a well-devised plan throughout the coming years.

“Philanthropy is a personal responsibility, which I embarked upon more than three decades ago and is an intrinsic part of my Islamic faith.

“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.”

Prince bin Talal has already donated an estimated £5bn over the last 35 years and his announcement was praised by Microsoft founder Bill Gates – currently one of the world’s most generous philanthropists – as “an inspiration to all of us working in philanthropy around the world.”

Gates, who set up the Bill and Melinda Gates Foundation in 2000, has signed up more than 100 billionaires, including Facebook’s Mark Zuckerberg, news magnate Michael Bloomberg, Virgin boss Richard Branson and Star Wars director George Lucas, to giving away half their fortunes to charity.