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Alwaleed bin Talal: is Saudi prince really the new Bill Gates?
Saudi Arabian billionaire gives away his entire £20bn fortune to charity, but remains a controversial figure
Saudi Arabian businessman Prince Alwaleed bin Talal has announced that he will donate his entire personal fortune to charity.
The billionaire nephew of King Abdullah is one of the richest men in the word and says he was inspired to hand over his £20bn wealth by fellow philanthropists Bill and Melinda Gates.
He said the funds would be used as a "living will" to foster cultural understanding, empower women, and provide vital disaster relief.
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"Philanthropy is a personal responsibility, which I embarked upon more than three decades ago and is an intrinsic part of my Islamic faith," he said in a statement. His donation comes during the holy month of Ramadan, when Muslims are encouraged to help people less fortunate than themselves.
Bill Gates said Prince Alwaleed's "generous commitment promises to significantly extend the great work that his foundation is already doing," reports the Financial Times.
Although considered a relatively progressive man in Saudi Arabia – the majority of his workforce are women and he is opposed to veiling and segregation – he remains a controversial figure to some.
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Following the terrorist attacks on the Twin Towers, the prince offered $10m to New York's disaster relief fund. But after he suggested that US policies in the Middle East contributed to attack and urged the country to reconsider its attitude towards Palestine, mayor Rudy Giuliani returned the cheque. "To suggest that there's a justification for [the terrorist attacks] only invites this happening in the future," he told CNN. "It is highly irresponsible and very, very dangerous.”
'Dwarf throwing'
In 2012, Business Insider reported that sources close to the prince claimed that Alwaleed has a team of dwarfs that he used as "court jesters" to entertain him. The news website also alleged that the prince set up a "dwarf-tossing" contest, promising money to whoever could throw them the furthest onto pillows.
Prince Alwaleed has confirmed that people with restricted growth are part of his entourage, saying he takes pity on them because they are social outcasts in Saudi Arabia. "I do this as a responsibility and a duty," he said. Of the "dwarf-tossing", he told Vanity Fair: "It's all lies."
Forbes feud
The Prince "fell out spectacularly" with Forbes magazine over what he saw as a gross underestimate of his wealth in a rich list that ascribed to him only $20bn of his claimed $29.6bn, reports the Financial Times. Alwaleed accused the magazine of disrespecting Saudi Arabia as a nation as well as having a "personal vendetta" against him.
