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Q: DUBAI, July 1 Saudi Arabian billionaire Prince Alwaleed bin Talal, the chairman of Kingdom Holding, said on Wednesday that the $32 billion of his wealth being allocated for philanthropy will include assets inside and outside the kingdom. 
  
 Prince Alwaleed said some of the donated wealth will include his personal stake in Kingdom Holding, the investment firm in which he owns the vast majority of the stock, but no shares would be sold and there would be no impact on the company's share price from his actions. 
  
 He declined to give a timeframe for the allocation of the sum to charity but said it would not impact on his overall investment strategy. 
  
 (Reporting by Angus McDowall; Writing by Archana Narayanan; Editing by David French) ||||| SHARE THIS ARTICLE Share Tweet Post Email 
  
 Saudi Arabia’s Prince Alwaleed bin Talal has pledged to give away $32 billion over the coming years. 
  
 There is no time scale set for the donation, which represents all of his fortune, according to Alwaleed. The billionaire is the world’s 20th richest person with $30.5 billion, according to the Bloomberg Billionaires Index. 
  
 The gift would benefit Muslim and non-Muslim countries, Alwaleed said in a press conference in Riyadh today. It would be used for work in areas including inter-cultural understanding, disease eradication, providing power to remote areas, building orphanages and schools, disaster relief and empowering women, he said. 
  
 Since Bill Gates and Warren Buffett announced the Giving Pledge in 2010, about 200 individuals from around the world have promised to give away more than half of their fortune in life or death. Gates and Buffett are leading by example. The two richest Americans, who are worth $151 billion combined, according to the Bloomberg Billionaires Index, have put more than $46 billion into the Gates foundation. 
  
 The Prince hoped the gift would build a “better world of tolerance, acceptance, equality and opportunity for all,” he said in a statement. 
  
 Gates Support 
  
 Alwaleed is the richest person is Saudi Arabia and his wealth has risen by $3.4 billion, or 12.7 percent, this year, according to the Bloomberg Billionaires Index. He said in his statement that he has already donated $3.5 billion to his philanthropy unit, which has been working with The Bill & Melinda Gates Foundation and The Carter Center to strengthen health care and control epidemics. Alwaleed spoke to Bill Gates yesterday, who was supportive of the giveaway, the Prince said. 
  
 The pledge will not impact any of the investments or future projects of Kingdom Holding Co., the Prince’s primary investment vehicle, he said. Alwaleed owns 95 percent of Kingdom, the investment company through which he holds stakes in Citigroup Inc. and Twitter Inc. It sold off a stake valued at almost $190 million in News Corp. in February, reducing its holding in Rupert Murdoch’s media company to about 1 percent. 
  
 French state-controlled investment bank CDC is leading a group of companies that will invest at least $150 million in Kingdom Holding, the Riyadh-based company said on Friday. 
  
 Read this next: ||||| Prince Alwaleed bin Talal al-Saud of Saudi Arabia has pledged to donate his entire multibillion-dollar fortune to charity in the coming years — becoming the latest billionaire to make a statement of grand philanthropic intent. 
  
 Speaking to reporters in Riyadh, he said the move had been inspired by the Gates Foundation, which was set up by Bill and Melinda Gates in 1997 and gives almost $4bn a year. 
  
 Mr Gates and the investor Warren Buffett have signed up 137 billionaires to a “giving pledge” that they will donate more than half their wealth in their lifetime. 
  
 Prince Alwaleed, a member of the Saudi royal family and nephew of the late King Abdullah, said his wealth would be put towards tackling the effects of war and natural disaster, as well as difficult economic and social conditions faced by many. 
  
 Calling the bequest his “living will”, he said: “It is a commitment without boundaries; a commitment to all humankind.” The charitable focus would be on his home kingdom of Saudi Arabia, he added. 
  
 In a statement on Wednesday, Mr Gates said Prince Alwaleed’s “generous commitment promises to significantly extend the great work that his foundation is already doing”. 
  
 The question of how much the prince is actually worth has stirred heated debate over the years. Last month, he settled a libel dispute he had brought against Forbes magazine for underestimating the size of his fortune, which he estimates at $32bn. Forbes gave a figure of $28.4bn. 
  
 The Prince’s declaration comes against the backdrop of a debate between the world’s wealthiest individuals over how much of their fortunes they should give away — and how quickly. 
  
 Younger philanthropists have criticised the Gates-Buffett giving pledge for endorsing family foundations that would continue to exist permanently after a donor’s death. 
  
 Last week, Sean Parker, the founder of Napster and an early Facebook investor, launched his own $600m foundation, criticising existing institutions for “warehousing . . . funds inside permanent tax-exempt entities”, and promising to spend his own endowment in his lifetime. 
  
 As chief executive of Kingdom Holding Company, Prince Alwaleed has built a fortune through investments in a range of companies including Twitter and News Corp. 
  
 He said on Wednesday that he would lead a board of trustees to oversee how his wealth would be allocated to institutionalise his philanthropic work after his death. 
  
 It is a commitment without boundaries; a commitment to all humankind - Prince Alwaleed 
  
 “Right now the bulk of the income, not the assets, will go to good causes,” he said. No shares would be sold at present and there would be no immediate impact on KHC’s share price. 
  
 However, over time he would donate all his assets inside and outside Saudi Arabia, including his large shareholding in KHC. The holding company is listed on the Saudi stock exchange, which recently opened up to institutional foreign investors for the first time. 
  
 The prince has been involved in philanthropic work since the 1980s and recently restructured his charitable institutions into Alwaleed Philanthropies. He has donated $3.5bn to the foundation to date. 
  
 Over the years, his philanthropy has spanned investments in community education, healthcare, emergency relief and basic infrastructure in 92 countries, as well as in female and youth empowerment. 
  
 He is also an important donor to western academic institutions studying Islam and the Middle East. He has funded centres at Harvard and Georgetown in the US and the British universities of Cambridge and Edinburgh. He is also the main donor to the Islamic arts hall at the Louvre museum in Paris. 
  
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 “Since most of my wealth was achieved from this blessed country, I have made giving back to Saudi Arabia my number one priority — after which our philanthropic efforts will extend to countries around the world,” said Prince Alwaleed. 
  
 His donations have sometimes sparked controversy. In 2001, Rudy Giuliani, then mayor of New York, said the city would not accept a $10m donation from the prince for disaster relief, after the donor suggested that US policies in the Middle East had contributed to the 9/11 terrorist attacks. 
  
 The 60-year-old Prince Alwaleed insisted he felt “great” and said health reasons were not behind his decision to give away his fortune. His children supported his decision, he added. 
  
 Prince Khaled, his son, would become chairman of the foundation after his death, while his daughter, Princess Reem, would be vice-chairwoman. 
  
 Additional reporting by Stephen Foley |||||
A: 
The push by Bill Gates and Warren Buffett to get billionaires to give away at least half their wealth to charity just got a major boost: Saudi Arabia's Prince Alwaleed bin Talal says he will give away his entire $32 billion fortune in the coming years, reports Bloomberg. That amounts to "one of the biggest philanthropic gestures in history," observes the Financial Times. The 60-year-old Alwaleed, currently the 20th richest person in the world, says his "living will" will focus on areas that include wiping out disease, improving understanding between cultures, bringing power to remote areas, and empowering women. Muslim and non-Muslim countries will benefit, but one in particular will gain the most. "Since most of my wealth was achieved from this blessed country, I have made giving back to Saudi Arabia my number-one priority—after which our philanthropic efforts will extend to countries around the world," he says. The move will not affect any investments in his Kingdom Holding Co., he says, adding that no shares will be sold and the share price won't be affected, reports Reuters.