A Saudi Arabian prince is next in line to donate his entire fortune to charity – $32 Billion.

As one of the richest men in the world, Prince Alwaleed bin Talal is following the example of 138 other super-wealthy individuals who have signed up for The Giving Pledge created by fellow billionaires, Bill and Melinda Gates, and Warren Buffett.

Calling philanthropy "a personal responsibility," the prince says the money will be used to "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."

He called the decision a crucial part of his Islamic faith and made the announcement during the Muslim holy month of Ramadan.

The gift will go to a foundation he created, Alwaleed Philanthropies, and will be overseen by a board of trustees. He's given $3.5 billion dollars to the foundation already.

He says he was inspired to donate his wealth to charity by the Bill and Melinda Gates Foundation, which has worked with Alwaleed Philanthropies in the past.

Prince Alwaleed is the nephew of Saudi King Salman and chairman of investment firm Kingdom Holding Company. He is listed as number 34 on the Forbes list of the world's richest people.

(READ more at the BBC) — Photo by Kingdom Holding Company, CC

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