Prince Alwaleed bin Talal, chairman of Kingdom Holdings, has announced that his entire $32 billion fortune would be donated to charity after his death.

The prince told reporters at his offices in Riyadh on Wednesday that he would move his assets to the Alwaleed Philanthropic Foundation over the coming years.

The prince said the money would help “build bridges to foster cultural understanding, develop communities, empower women, enable the youth, provide vital disaster relief and create a more tolerant and accepting world.”

He added: “It is a commitment without boundaries. A commitment to all humankind.”

His son Prince Khalid and daughter Princess Reem were also present at the event. They would run the foundation after his death.

Prince Alwaleed is the 20th richest person, according to the Bloomberg Billionaires Index. He said the decision was modeled on the work of the Bill and Melinda Gates Foundation and other charities in the US.

Bill Gates, co-chair of the Bill and Melinda Gates Foundation, said: “Prince Alwaleed’s generous commitment promises to significantly extend the great work that his foundation is already doing. His gift is an inspiration to all of us working in philanthropy around the world.”

Prince Alwaleed said he was not taking the decision for any health reasons but was following the dictates of the Qur’an. Arab News