Why this Saudi prince is donating his £28bn fortune to charity

Cash is king?

That might have been Prince Al-Waleed bin Talal’s position in the past, but no more. The Saudi tycoon, whose business interests range from Twitter to Citigroup, is giving his $32bn (£28bn) fortune to charity.

Is he feeling all right?

The Prince, believed to be the world’s 20th-richest person, said he hoped the gift would build a “better world of tolerance, acceptance, equality and opportunity for all”.

When does this free-for-all take place?

Don’t get too excited – it’s going to charity, remember.

But charity begins at home, doesn’t it?

Maybe, but the Prince did not specify when it will be handed out.

Why all this altruism?

“The philanthropic pledge 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,” he said.

Who gets what?

The prince said: “Since most of my wealth was achieved from this blessed country, I have made giving back to Saudi Arabia my No 1 priority — after which our philanthropic efforts will extend to countries around the world.”

How very generous…

The 60-year-old follows in the footsteps of Warren Buffett and Bill Gates, who have promised to give away much of their money. In fact, 30 US billionaires have pledged to give away at least 50 per cent of their wealth to charity.

Will the Prince be able to maintain his lavish lifestyle?

Waleed clearly enjoys the finer things in life and reportedly owns a fleet of private jets, more than 200 cars and lives in extravagant palaces . But he made no mention of plans to downsize or shift to a more frugal way of living.

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