What will you do if you had $32 billion in your bank account?

While most people would probably buy the most luxurious things money can afford, or even go on the most lavish vacations ever concocted by the travel industry, Prince Alwaleed bin Talal of the royal family of Saudi Arabia opted to give away all $32 billion of his money to charity. Instead of purchasing bigger, better and shinier assets, the wealthy investor and magnate decided that the best way to spend his truckload of cash is to capitalize on programs that can lend a helping hand to the poor and suffering citizens of the world.

"Based on my dedication and passion for philanthropic work for the past 35 years," said Prince Alwaleed bin Talal in the official statement following the said announcement, adding, "I now pledge to donate my entire wealth to the Alwaleed Philanthropies, which work in the main fields of intercultural understanding and supporting needy communities, through health promotion, eradication of diseases, provision of electric power to remote villages and hamlets and building orphanages and schools, and much more. As well as providing disaster relief and empowering women, youth and poverty alleviation." The Saudi prince went on to share, "This donation will be allocated according to a well-devised plan throughout the coming years. 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."

Reports disclosed that the track to be followed in terms of utilizing the $32 billion donation of the Saudi prince will be patterned to that taken by the Bill and Melinda Gates foundation. The said charitable organization gave out approximately $4 billion to different causes across the globe. Both Prince Alwaleed bin Talal and Bill Gates have interacted with each other in the past, working together in projects. One of the most notable endeavors of the two billionaires is their quest to eliminate polio worldwide. Following the announcement of Prince Alwaleed bin Talal, Gates praised the Saudi prince and called the move an "inspiration" which will serve to move everyone working in philanthropy around the world."

In his speech, the Saudi prince provided an explanation for his decision. He said, "Philanthropy is a personal responsibility, which I embarked upon more than three decades ago and is an intrinsic part of my Islamic faith. With this pledge, I am honoring my life-long commitment to what matters most - helping to build a more peaceful, equitable and sustainable world for generations to come."