Saudi Prince Alwaleed bin Talal to donate $32bn personal fortune to charity

The 60-year-old nephew of King Salman is at No. 34 on the Forbes list of the world's richest people. Prince Talal said he was inspired by the Gates Foundation, set up by Bill and Melinda Gates in 1997.

The prince, who does not hold an official government position, is chairman of investment firm Kingdom Holding Company.

The money, which he said was his entire fortune, will be pledged to Alwaleed Philanthropies, the prince's charitable organization to which he has already given $3.5 billion. It will be spent on developing communities, providing disaster relief and supporting women and young people, he said.