Prince Alwaleed bin Talal, who is believed to be the world’s 20th-richest person promised to give majority of his wealth at a press conference held on 30th June.
The Prince’s net worth which is said to be about $32bn (£28bn) would be donated to charity in a bid to help the less privileged in the society.
The Billionaire made this promise with the hopes that the wealth would go towards promoting health, eradicating diseases, providing electricity to villages, building orphanages, providing disaster relief and empowering women.
In a statement he made, he said that he was honouring his life-long commitment to one of the most important thing which is, helping to build a more peaceful, equitable and sustainable world for generations to come. He promises to make these donations through his foundation, Alwaleed Philanthropies.
The Prince would still maintain ownership of his businesses as there is no deadline for the donation of all the funds.