RIYADH – Saudi Arabia’s Prince Alwaleed has pledged to donate his entire $32 billion to charity and philanthropist projects.

“It is a commitment without boundaries. A commitment to all mankind,” the prince told reporters on Wednesday in Riyadh, Arabian Business reported.

“The 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,” Alwaleed added.

The prince belongs to the Saudi royal family and is a nephew of king Abdullah, who died in January 2015.

He said there was no time limit, adding:”This is an open situation. In time all my wealth will go to good causes. Right now the bulk of the income not the assets will go to good causes.”

The prince said this decision was “a big incentive for me to make more profits”.

Speaking in a press conference on the 66th-floor headquarters of the publicly listed company which he chairs, Alwaleed was surrounded by this two children Prince Khaled and Princess Reem. He said both were supportive of his decision.

He noted that the pledge was modeled on the Bill and Melinda Gates Foundation and other philanthropic funds in the United States.

“What I am doing today is institutionalizing the process. After my death my son will become the president of the board of trustees and my daughter Vice President. This will make it very clear how this is operated,” the prince said.

He stressed that no shares in Kingdom Holding were being sold and that he would continue to run the company as before. He said all his wealth would still be in full control.

“This is very much separate from my ownership in Kingdom Holding,” Alwaleed told reporters.

“I am doing this now because I feel great and am in good shape. This is, you could say, a living will that I am making today.”