Prince Alwaleed bin Talal is truly an inspiration to all. The 60-year-old prince decided to donate 32 billion of his fortune to charity.

Prince Alwaleed bin Talal is one of the richest men in the world, ranking 34th on Forbes list, reported The Financial Express. 

According to BBC, the Saudi Prince made his fortune with his stakes on hotels namely, The Four Seasons, Fairmont and Raffles. He also has shares in News Corp, Citigroup, Twitter and Apple.

Prince Alwaleed bin Talal was inspired by the Gates Foundation, which was set up by Bill and Melinda Gates back in 1997. Bill Gates applauded the Prince's decision by calling it "an inspiration to all of us to working in philanthropy around the world."

The Business Standard reported that the $32 billion donation will go to Alwaleed Philanthropies where he earlier donated $3.5 billion. Prince Alwaleed announced his decision during the month of Ramadan - a month long fasting and praying for the Muslims and this is also the time when all Muslims are encouraged to give.

The Prince said, "Philanthropy is a personal responsibility, which I embarked upon more than three decades ago and is an intrinsic part of my Islamic faith.  He added that the he is hoping that his donation will help "foster cultural understanding, develop communities, empower women, enable youth, provide vital disaster relief and create a more tolerant and accepting world."

The Prince emphasized that since he made his fortune in Saudi Arabia, giving back to his "blessed country" is his priority and that there are plans to extend his philanthropy to other countries as long as it is in "accordance with the regulations governing charitable activities."

The Prince's donation will come from his own personal wealth and is separate from Kingdom Holdings Company. The Prince said that he is not selling his shares in the company.