Billionaire Saudi Arabian Prince Alwaleed bin Talal has announced plans to give away his $32-billion fortune to charity in order to build a “better world of tolerance, acceptance, equality and opportunity for all.”

The prince — who is one of the world’s richest people – said in a statement published Wednesday: “I wished to contribute to the elimination of poverty and famine, and to support development, health and education in the most deprived communities.”

The money, which he said was his entire fortune, will be pledged to Alwaleed Philanthropies, the prince’s charitable organization to which he has already given $3.5 billion. It will be spent on developing communities, providing disaster relief and supporting women and young people, he said.

Alwaleed said philanthropy was an “intrinsic part” of his Islamic faith and that his wealth had been “bestowed by God and by being in this great nation (Saudi Arabia).” Although the money will go to international causes too, he said that Saudi Arabia and the Middle East was his priority.

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