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| Saudi prince to donate $32bn fortune to charity | Saudi prince to donate $32bn fortune to charity |
| (35 minutes later) | |
| Saudi Arabian billionaire Prince Alwaleed bin Talal has said he will donate his entire $32bn (£20bn; €29bn) fortune to charity. | |
| Prince Alwaleed, 60, is one of the world's richest people. | Prince Alwaleed, 60, is one of the world's richest people. |
| He said he had been inspired by the Gates Foundation, set up by Bill and Melinda Gates in 1997. | He 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. | The money would be used to "foster cultural understanding", "empower women", and "provide vital disaster relief", among other things, he said. |
| Mr Gates praised the decision, calling it an "inspiration to all of us working in philanthropy around the world". | Mr Gates praised the decision, calling it an "inspiration to all of us working in philanthropy around the world". |
| Prince Alwaleed is listed by Forbes at number 34 on the list of the world's richest people. | |
| The money will go to the prince's charitable organisation, Alwaleed Philanthropies, to which he has already donated $3.5bn. | |
| 'Intrinsic part of my faith' | |
| The prince, 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. | |
| The prince will be donating his personal wealth. "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. | |
| He 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". | |
| Prince Alwaleed's announcement comes during the holy month of Ramadan, when Muslims are encouraged to give charity and help the needy. | |
| He said the donation would take place over several years and would be overseen by a board of trustees, which he will head. |