Saudi Arabia's Prince Alwaleed bin Talal pledged to donate his entire wealth to the tune of Rs 2.03 lakh crore (Rs 203489,44,000/$32 billion) for Charity.

Mr.Alwaleed wishes to use the Fortune to Develop Communities, Offer Assistance to Disaster Relief, Building bridges for Foster Cultural understanding, Empower Woman, Increase the efficiency of Youth and creating a better World.

The Prince, however, made it clear allocation of funds will be as per a well devised-plan and there isn't even a specific time frame to complete the whole process. Alwaleed claimed he would head the Board Of Trustees which have the powers to spend the wealth and the flow of funds for charity will continue even after his death.

Alwaleed bin Talal is currently the Richest Arab in the World. He is the nephew of Saudi king Abdullah who died on January 23rd this year.