07/02/2015 11:54 EDT

Saudi Prince Alwaleed bin Talal To Donate Entire $32-Billion Fortune To Charity

Inspired by Bill Gates’ philanthropy, a Saudi prince says he will give away his entire $32-billion U.S. fortune to charity.

"It is a commitment without boundaries. A commitment to all mankind," Prince Alwaleed bin Talal, the world’s 20th richest person according to the Bloomberg Billionaires Index, told the media Wednesday.

He said he was inspired by the Bill and Melinda Gates Foundation to make his move, adding it's "a big incentive for me to make more profits," according to Arabian Business.

Alwaleed said his billions would go towards disaster relief, fighting disease, building orphanages and promoting women’s causes, according to The Independent.

The prince said the Alwaleed Foundation, which will administer the money, will work to benefit both Muslim and non-Muslim nations.

Bin Talal runs Kingdom Holding Company, a diversified investment holding company that owns stakes in numerous businesses, including Four Seasons Hotels and Fairmont Hotels in Canada. Other investments include Citigroup, Rupert Murdoch's News Corp. and Twitter. The company’s shares fell one per cent Wednesday following the prince's announcement.

Bin Talal has been dubbed the “Warren Buffett of Arabia” for his business acumen, and he has been known for his lavish lifestyle. He reportedly owns the world’s largest private jet, an Airbus A380 superjumbo, as well as a fleet of 200 cars.

Also on HuffPost:

Photo gallery Richest Canadians, According To Forbes See Gallery