Prince Alwaleed bin Talal announced to donate his huge personal fortune to charity. He got inspired by Bill Gates.
Saudi Arabian Prince Alwaleed bin Talal is ranked 34th in the Forbes Billionaires list. He calls himself the Warren Buffet of Arabia and this is now not only for his investment skills. The nephew of King Salman is now also following Warren Buffett in his philantropic mission. Prince Alwaleed bin Talal announced to donate his personal fortune of $32 billion to charity.
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According to the WSJ, he said that he had been inspired by the Gates Foundation created by Bill and Melinda Gates. Bill Gates and Warren Buffet created the Giving Pledge in 2010 that is aimed to motivate the super rich to share their wealth in a big way.
Prince Alwaleed bin Talal wants to use the incredible amount of money to foster cultural understanding, empower women, provide vital disaster relief and more.
Bill Gates already praised the announcement saying: "An admirable milestone! Prince Alwaleed bin Talal inspires with a pledge to donate all of his wealth."
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Such commitments from the super rich to charity is a great way to redistribute some of the wealth as only a few control most of the world's riches.