A Saudi prince has pledged to give his entire $32bn (£20bn) fortune to charity over the next few years.

The 60-year-old Prince Alwaleed bin Talal, nephew of the late King Abdullah of Saudi Arabia, has promised to transfer his entire fortune to Alwaleed Philanthropies, his personal charity, according to a statement on the charity’s website.

Prince Alwaleed is the 95 per cent owner of the Kingdom Holding Company, worth $18bn, as well as having numerous other investments.

The money will go to “programmes promoting health, eradicating disease, modernisation, intercultural understanding and empowering women”, the prince said in a statement on his charity’s website.

“This donation will be allocated according to a well-devised plan throughout the coming years,” he said. “Philanthropy is a personal responsibility, which I embarked upon more than three decades ago and is an intrinsic part of my Islamic faith.

“With this pledge, I am honouring my life-long commitment to what matters most – helping to build a more peaceful, equitable and sustainable world for generations to come.”

The statement said that Prince Alwaleed has been a philanthropist for more than 35 years, and has already given away more than $3.5bn.