A Saudi prince is donating his $32 billion fortune to charity

Saudi investor Prince Alwaleed Bin Talal is donating his entire $32 billion fortune to charity, as the self-described “Buffett of Arabia” follows in Warren Buffett’s footsteps when it comes to all-in charitable giving.

According to a statement from Alwaleed Philanthropies, the prince’s charity organization that will manage the gift, the money “will 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.”

Alwaleed said he was inspired by the Bill and Melinda Gates Foundation, which Buffett designated as the sole beneficiary of his own personal fortune.

“Philanthropy is a personal responsibility, which I embarked upon more than three decades ago and is an intrinsic part of my Islamic faith,” the prince said in a statement. His announcement comes during the Muslim holy month of Ramadan, a time when charity and help for the needy are especially encouraged.

Alwaleed owns the investment firm Kingdom Holding Company, which has stakes in Apple, Twitter, Disney, GM, News Corp and 21st Century Fox, and several hotel chains including The Four Seasons. He is the nephew of Saudi King Salman, but doesn’t hold a formal position in the country’s government, and is considered progressive on many issues, including women’s rights.

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