Prince Alwaleed bin Talal, the Saudi Prince who pledged last week to give away his $32 billion dollar fortune to charity, has started things off with a page straight out of Oprah's book.

Boom! You get a car! And you get a house! Naturally, Prince Alwaleed's giveaway is targeted towards those who otherwise could not afford such assets — part of an effort on his part to build a more equitable, tolerant and sustainable world.

"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," the Prince wrote on his website.

In addition to material goods, the 60-year-old will also use his substantial wealth to fund new schools and education programs, research into the eradication of diseases, and initiatives that better empower women, among other pursuits.

"This donation will be allocated according to a well-devised plan throughout the coming years," he wrote. "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."

Alwaleed will channel his donation through Alwaleed Philanthropies, in partnership with The Bill & Melinda Gates Foundation, The Carter Center, and the Weill Cornell Medical College. In a statement, Bill Gates wrote that Alwaleed's gift "is an inspiration to all of us working in philanthropy around the world."

Prince Alwaleed's pledge comes on the heels of other billionaires around the world making similar commitments to give away their fortunes, including Chobani founder Hamdi Ulukaya, Facebook CEO Mark Zuckerberg and Spanx founder Sara Blakely.

"Together, we can build bridges for a more compassionate, tolerant and accepting world," Alwaleed added. "Ours is a belief in humanity without boundaries and a commitment towards all."


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