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Billionaire Saudi prince to donate all his wealth

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Updated: July 1, 2015 20:42 IST
Billionaire Saudi prince to donate all his wealth - The Hindu

Saudi Arabia’s billionaire Prince Alwaleed bin Talal, one of the world’s richest people, has announced he will donate all of his wealth to charity over the coming years.

The Saudi prince said in a statement that he will donate $32 billion to his organisation called Alwaleed Philanthropies to work in the fields of “intercultural understanding” and supporting communities in need. Programmes will include promoting health, eradicating disease, bringing electricity to remote villages, building orphanages and schools, as well as “empowering women.”

The prince, who is chairman of investment firm Kingdom Holding Company, says he has already donated $3.5 billion to the charitable organisation.

Prince Alwaleed joins other billionaires who have made similar pledges in recent years, such as Warren Buffett, Bill Gates, Mark Zuckerberg and Michael Bloomberg.
 
At least one Saudi prince has donated his money to philanthropy. Are there any more princes who wants to do the same ?
 
I get this means charity work is going to be the most lucrative job in the near future, and not to forget, the most profitable :D :D :D

At least one Saudi prince has donated his money to philanthropy. Are there any more princes who wants to do the same ?
The world has yet to see any outcome of all that money Bill Gates donated years ago!
 
What a time has come. Niether the poor is satisfied nor the rich.
 
Bullshit we have to see it to believe it...We all remember the $10 m check he gave Guiliani, then New York mayor and the reply of the later...
 
money stolen from the people by his title should be given back to the country. one eye twitching imbecile.
 
Billionaire Saudi Prince pledges to donate $32 bn for charity
By AFP
Published: July 1, 2015
913028-PrinceWaleedbinTalal-1435766732-795-640x480.jpg

The 60-year-old magnate belongs to the Saudi royal family and is a nephew of king Abdullah, who died on January 23. PHOTO: REUTERS

RIYADH: Saudi tycoon Prince Alwaleed bin Talal on Wednesday promised his entire $32 billion (28.8 billion euro) fortune to charitable projects in coming years, in one of the biggest ever such pledges.

The pledge is “maybe… the first such big announcement” of its kind in the region, and is modelled on a charity established by Microsoft founder Bill Gates in the United States, the prince told reporters.

Alwaleed said his charity “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.”

The money “will be allocated according to a well-devised plan throughout the coming years”, he said, but stressed there was no time limit for the donation to be spent.

Alwaleed said he would head a board of trustees tasked with spending the funds, which would still be used after his death “for humanitarian projects and initiatives”.

The 60-year-old magnate belongs to the Saudi royal family and is a nephew of king Abdullah, who died on January 23.

In the conservative kingdom, Alwaleed, who holds no government rank, is unusual for his high profile and periodic comments about economic issues.

“We are clearly in very close coordination with the Bill and Melinda Gates Foundation”, which is already working with Alwaleed on a polio eradication project, he said.

“This is very much separate from my ownership in Kingdom Holding,” and there should be no impact on the publicly listed company’s share price, Alwaleed told reporters on the 66th-floor headquarters of the firm which he chairs.

‘Dramatic and drastic’

But he said his charitable commitment would provide even more incentive for his business investments to be profitable.

As well as media stakes, Kingdom Holding has interests ranging from the Euro Disney theme park to Four Seasons hotels and Citigroup.

Alwaleed is constructing a tower in the Red Sea city of Jeddah that is to rise more than one kilometre (almost 3,300 feet) to be the world’s tallest building.

Earlier this year, he opened a pan-Arab news channel in Bahrain but authorities there shut the station after less than 24 hours on air and a new home is being sought.

Alwaleed last week in Paris signed a letter of intent with France’s CDC International Capital to create the first French-Saudi investment fund, worth up to $400 million.

A separate deal saw a French consortium and CDC IC invest about $150 million in Kingdom Holding.

Alwaleed told reporters he has already donated a total of $3.5 billion over more than 35 years through his Alwaleed Philanthropies.

The charity has distributed houses and provided electricity to isolated Saudi communities, while supporting other projects around the world.

He said he announced his pledge now, after years of preparation, to institutionalise the process “so they can continue after my lifetime”.

Flanked by his son Prince Khaled and daughter Princess Reem, he said they will be president and vice-president of the charity after he dies.

“I believe that a person should take dramatic and drastic decisions at his peak,” Alwaleed said, proclaiming himself to be in good shape.

“I’m very healthy, enough to bike every day three hours,” he said. “I assure you my health is good.”

The size of his personal fortune dwarfs that of most other generous billionaires who have made similar pledges in the past.

Here some notable examples.

Melinda-and-Bill-Gates-AFP.jpg


Melinda and Bill Gates. PHOTO: AFP

Melinda and Bill Gates: In 2000, the richest couple in the world at the time set up the Gates Foundation to raise billions of dollars to fight disease and fund education around the world. It was based in Seattle, Washington and donated almost $4.0 billion in 2014.

Gates-and-Warren-Buffet-AFP.jpg


Bill and Melinda Gates with Warren Buffet. PHOTO: AFP

Gates/Warren Buffet: In 2010, Gates, who founded the IT group Microsoft, and billionaire US investor Warren Buffet launched the Giving Pledge, a campaign to get the richest people in the US to give half their fortune to charities. Their effort went global in early 2013. Among the more than 100 billionaires who have committed themselves are Facebook founder Mark Zuckerberg, Oracle boss Larry Ellison, former New York mayor Michael Bloomberg, Indian IT magnate Azim Premji (Wipro), Malaysian businessman Vincent Tan, British businessman Richard Branson (Virgin), German IT boss Hasso Palttner (SAP), activist investor Carl Icahn, and film producer George.

Forbes magazine estimates Gates’ fortune at $72.9 billion and that of Buffet at $72.7 billion.

In 2012, Buffet made a separate donation of $1.5 billion to the Gates Foundation.

Patrice-Motsepe-AFP.jpg


Patrice Motsepe. PHOTO: AFP

Patrice Motsepe: The South African billionaire was the first African to respond to the Giving Pledge. His fortune, based in large part on the mining sector, is currently estimated by Forbes at $1.64 billion. Motsepe aims to help the poor, disabled and unemployed in South Africa. In 2014, he donated a billion dollars to fight the Ebola epidemic.

Vladimir-Potanin-AFP.jpg


Vladimir Potanin. PHOTO: AFP

Vladimir Potanin: The Russian entrepreneur, with an estimated fortune of $14.5 billion at the time, signed up in 2013.

Viktor-Pinchuk-AFP.jpg


Viktor Pinchuk. PHOTO: AFP

Viktor Pinchuk: The Ukrainian industrialist, whose fortune was then estimated at $3.7 billion, signed on as well.

Tim-Cook-AFP.jpg


Tim Cook. PHOTO: AFP

Tim Cook: The head of Apple said this year that his entire fortune will go to charity after his death. It is currently estimated at around $120 million, plus stock options that have a current value of around $665 million.

Liliane-Bettencourt-AFP.jpg


Liliane Bettencourt. PHOTO: AFP

Liliane Bettencourt: The French head of L’Oreal cosmetics, and her husband created the Bettencourt Scheuller Foundation in 1987. Scheuller was the name of her father, who founded L’Oreal. Among the charities funded by the foundation is the Solthis organisation that fights AIDS. Forbes puts her current worth at $40.9 billion.
 
I don't think rich people owe any one or any charity anything. If they want to give out of the goodness of their hearts then that's all well and good but I'm not too crazy about the idea of charity. The best thing rich people can do is keep reinvesting and growing their businesses. That way they employ more people and do more good than just feeding needy mouths. Self sufficiency is the key to ending poverty not charity.
 
July 2, 2015


Why Saudi billionaire pledges entire wealth to charity
Fortune will be used to alleviate poverty,eradicate diseases, provide disaster relief

Saudi Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud has decided to pledge his entire fortune, valued at $32 billion, to charity after witnessing first hand the “challenging conditions” faced by people around the world.

The member of the royal family, who was recently named one of the world’s top 25 self-made billionaires, announced on Wednesday that he will donate all of his money to philanthropy over the coming years to help build a “better world of tolerance, acceptance, equality and opportunity for all.”

The vast fortune will be used to help alleviate poverty, eradicate diseases, provide electric power to remote villages, build orphanages and schools, provide disaster relief and empower women and youth.

As to why he’s made the decision to donate his entire wealth, Alwaleed said he has seen first hand how many people around the world have suffered due to the dire situations they are in.

“Everyone goes through certain life-changing situations that have a great effect on his or her crucial future decisions. I have had the opportunity to witness, first hand, the challenging conditions of many communities across the globe, and have stood among those who were suffering and in great need,” Al Waleed said in a statement issued to the media.

“I have also learned of overwhelming obstacles through meetings with the leaders of countries and communities around the world.”

At a press conference in Saudi Arabia, Alwaleed said that since the size of his fortune is so “immense”, he intends to have it distributed globally, although the priority will be Saudi Arabia and the rest of the Arab region.

“This will go to humanity, which has no religion, no race and no sex. The radius of our contribution will cover the whole globe, not just [Arabs or Islamic countries],” Alwaleed said.

Alwaleed has been active in philanthropy for more than 35 years, donating $3.5 billion so far through the Alwaleed Philanthropies, whose board of trustees he currently chairs.

Below is Alwaleed’s pledge announcement in its entirety:

Pledge Announcement Speech

Early in my life I had a dream that I have always hoped to realize. I have thought about it most of my days and have shared it with some of my closest friends and family for more than a quarter of a century. I wished to wake up one day to see a world of tolerance, acceptance, equality and opportunity – for all.

In order to make this dream come true, I wished to contribute to the elimination of poverty and famine, and to support development, health and education in the most deprived communities. I wished to encourage social entrepreneurship to achieve long-term, sustainable change both locally and globally. I wished to alleviate the suffering from the pain of economic scarcity.

Based on my dedication and passion for philanthropic work for the past 35 years, I now pledge to donate my entire wealth to the Alwaleed Philanthropies, which work in the main fields of intercultural understanding and supporting needy communities, through health promotion, eradication of diseases, provision of electric power to remote villages and hamlets and building orphanages and schools, and much more. As well as providing disaster relief and empowering women, youth and poverty alleviation. This donation will be allocated according to a well-devised plan throughout the coming years. It will be based on a strategy that is supervised and managed by a board of trustees headed by me to ensure that it will be used after my death for humanitarian projects and initiatives.

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 in accordance with the regulations governing charitable activities.

You may rightly wonder, why am I doing this? My response is that everyone goes through certain life-changing situations that have a great effect on his or her crucial future decisions. I have had the opportunity to witness, first hand, the challenging conditions of many communities across the globe, first hand, and have stood among those who were suffering and in great need. I have also learned of overwhelming obstacles through meetings with the leaders of countries and communities around the world.

In addition, my foundations have been collaborating with other philanthropic organizations, NGOs, governments and non-profits for decades. Our work is far- reaching, providing humanitarian assistance to ease poverty and famine, supporting development, health and education, and encouraging long-term, sustainable change for the better.

Given the world’s current economic and social conditions, and the devastating effects of war and natural disasters around the world, more collaborative efforts are required from all capable individuals to unify their stand in the effort to alleviate poverty in the most deprived communities and to advance and build their societies.

I am making this announcement today as an illustration of God Almighty’s blessings, following His words in the Holy Qura’an: “But tell of the favors of your Lord,” (AlDhoha). As I see it, the time has come for me to share all that I have to support communities through my foundation, Alwaleed Philanthropies, which aims to initiate and support projects worldwide regardless of religion, race or gender. For 35 years, Alwaleed Philanthropies have developed and sustained projects in more than 92 countries. We collaborate with a wide range of philanthropic, governmental and educational organizations to combat poverty, empower women and youth, to develop communities, provide disaster relief and to nurture cultural understanding through education. Together, we can build bridges for a more compassionate, tolerant and accepting world. Ours is a belief in humanity without boundaries and a commitment towards all.

Why Saudi billionaire pledges entire wealth to charity | GulfNews.com
 
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