A Saudi Prince is Donating His $32 Billion Personal Fortune to Charity

Saudi Arabia billionaire Prince Alwaleed bin Talal, a staple on TIME‘s annual ‘100 Most Influential People in the World’ list, has committed to donating his $32 billion to charity.

Inspired by the Gates Foundation, Prince Alwaleed launched his own philanthropic fund, Alwaleed Philanthropies, to which the money will be given. It will then be used to”foster cultural understanding,” “empower women,” and “provide vital disaster relief.”

“The Warren Buffet of Arabia” has built his fortune through various high-profile investments – including Disney, 21st Century Fox, News Corp, Apple, GM, Twitter, and hotels like New York’s Plaza Hotel and the George V in Paris – and is regarded as very progressive in his social and political views.

He’s an especially outspoken proponent of women’s rights and the majority of his staff are female.

So, what will he do with his 371-room, 460,000 sq ft palace in Riyadh, Boeing 747-400, A380, and 85-metre super yacht?

“This is very much separate from my ownership in Kingdom Holding,” he says, referring to the investment company of which he is chairman.

So yeah, the money will continue to flow.

And that is how you win Ramadan, during which Muslims are encouraged to give to charity and help the needy.