Saudi Prince Alwaleed bin Talal is joining a few billionaires who are planning to give all their wealth away in the coming years. He announced his plans to do so on his website and at a press conference today.

He's already donated $3.5 billion so far through his Alwaleed Philantropies organization. He said this:

Early in my life I had a dream that I have always hoped to realize. […] I wished to wake up one day to see a world of tolerance, acceptance, equality and opportunity – for all.

His donation of his $32 billion wealth will be an "illustration of God Almighty's blessings." The donation will not include his investments in the Kingdom Holding Company, which has shares in London's Savoy Hotel, Apple, Citigroup and News Corp.

He wants his donation to help foster cultural understanding, develop communities, empower women, enable youth, provide vital disaster relief and create a more tolerant and accepting world.

Talal may be the grandson of Saudi Arabia's founder but he himself created his empire off a $30,000 gift from his father along with a $300,000 loan.