• The 34th richest man on Earth to donate $32bn to charity, inspired by the Gates Foundation
    68 replies, posted
[IMG]http://ichef.bbci.co.uk/news/660/cpsprodpb/1717C/production/_83988549_83984317.jpg[/IMG] [QUOTE][B]Saudi Arabian billionaire Prince Alwaleed bin Talal has said he will donate his entire $32bn (£20bn; €29bn) fortune to charity.[/B] Prince Alwaleed, 60, is one of the world's richest people. He said he had been inspired by the Gates Foundation, set up by Bill and Melinda Gates in 1997. The money would be used to "foster cultural understanding", "empower women", and "provide vital disaster relief", among other things, he said. Mr Gates praised the decision, calling it an "inspiration to all of us working in philanthropy around the world". Prince Alwaleed is listed by Forbes at number 34 on the list of the world's richest people. The money will go to the prince's charitable organisation, Alwaleed Philanthropies, to which he has already donated $3.5bn.[/QUOTE] [URL]http://www.bbc.co.uk/news/world-middle-east-33353370[/URL] An admirable gesture, I daresay. This is the kinda thing more rich folk should do.
What's more surprising is he's a Saudi Prince. Very rarely are they actually that open about education or anything female related, fact he states empower women is really out of the norm for a Saudi.
[QUOTE=ironman17;48098234][IMG]http://ichef.bbci.co.uk/news/660/cpsprodpb/1717C/production/_83988549_83984317.jpg[/IMG] [URL]http://www.bbc.co.uk/news/world-middle-east-33353370[/URL] This is the kinda thing more rich folk should do.[/QUOTE] This is the kind of thing nearly every rich person should do in my opinion. What the hell for do you need one billion dollars, let alone thirty-two anyway?
A very magnanimous gesture. I hope it makes a difference.
I'd say it helps that he's a Saudi Prince, too. After all, the oil wealth of Arabia tends to mean that the nobility associated with Arabian oil end up very wealthy indeed, so they can do things like this.
It brings up a few questions about all this, Is he donating all of that at once or will he be giving a steady stream of donations? Is all this money being donated when he dies or while he's still alive?
[QUOTE=ProtoMob;48098358]This is the kind of thing nearly every rich person should do in my opinion. What the hell for do you need one billion dollars, let alone thirty-two anyway?[/QUOTE] You don't have to donate [I]all[/I] - You can keep a few billion while being charitable as hell. I don't see anything wrong with what Bill Gates does, for example. Fortune fosters fortune, anyway, and if you donate it all in the end, you'll have more to donate than if you did [I]now.[/I]
Looked into who this guy is, he's pretty fucking chill and helped push the finances to get the first ever female Saudi pilot out there and he's extremely proud of it as well. He's also contributed a huge amount to a bunch of educational institutes and dropped $17 million towards the relief effort of the 2004 Indian Ocean earthquake and tsunami. Lot of his work is focuses on his religion and building educational branches for the study of Islam and various other middle east things but honestly, that ain't bad.
Shockingly progressive attitude for a Saudi Prince, are we sure this man is who he says he is? :v:
The fact that one man can amass a fortune of $34,000,000,000 and I'm slated to make a $70,000 salary mid career as a software engineer is the reason why this entire global economic system is completely broken. If I worked until I was 65 years old, I would have only made 3,150,000 dollars in my entire life. I would have to work 485,714 years to make that kind of money. What the fuck? 70,000 is pretty good considering the average income in America is 30,000ish.
[QUOTE=Tone Float;48098407]You don't have to donate [I]all[/I] - You can keep a few billion while being charitable as hell. I don't see anything wrong with what Bill Gates does, for example. Fortune fosters fortune, anyway, and if you donate it all in the end, you'll have more to donate than if you did [I]now.[/I][/QUOTE] Yeah I should've probably said that you don't need to donate [I]everything.[/I] Though a billion dollars is still a thousand million dollars. I'm pretty sure the average person could live rest of his life with less than a fourth of that, provided they don't blow it on stupid shit.
[QUOTE=Reagy;48098430]Lot of his work is focuses on his religion and building educational branches for the study of Islam and various other middle east things but honestly, that ain't bad.[/QUOTE] theres a couple groups out there doing some pretty shitty islam education lol
[QUOTE=Cornish;48098462]theres a couple groups out there doing some pretty shitty islam education lol[/QUOTE] We don't count those, just let them stay in their mountains and die off from missile strikes.
[QUOTE=ProtoMob;48098358]This is the kind of thing nearly every rich person should do in my opinion. What the hell for do you need one billion dollars, let alone thirty-two anyway?[/QUOTE] He doesn't have 32 billion dollars in the bank. He owns 32 billion dollars worth of assets. For him to donate that means he has to sell his assets. (Oil companies, etc) Biggest misconception about wealthy people. [editline]1st July 2015[/editline] Though a man like that might have a few billion in the bank.
[quote]The money would be used to "foster cultural understanding", "empower women", and "provide vital disaster relief", among other things[/quote] i certainly wouldn't expect this to come from a saudi prince
[QUOTE=Llamalord;48098441]The fact that one man can amass a fortune of $34,000,000,000 and I'm slated to make a $70,000 salary mid career as a software engineer is the reason why this entire global economic system is completely broken. If I worked until I was 65 years old, I would have only made 3,150,000 dollars in my entire life. I would have to work 485,714 years to make that kind of money. What the fuck? 70,000 is pretty good considering the average income in America is 30,000ish.[/QUOTE] Having a net worth of 34 billion is not the same thing as having generated 34 billion in cash. His fortune is in holdings. Using your salary as a measure of wealth is a bad idea
[QUOTE=rilez;48099320]Having a net worth of 34 billion is not the same thing as having generated 34 billion in cash. His fortune is in holdings. Using your salary as a measure of wealth is a bad idea[/QUOTE] People don't know what wealth means.
[QUOTE=OvB;48098647]He doesn't have 32 billion dollars in the bank. He owns 32 billion dollars worth of assets. For him to donate that means he has to sell his assets. (Oil companies, etc) Biggest misconception about wealthy people. [/QUOTE] Being too liquid is dangerous when you're wealthy. Scrooge McDuck is an awful role model for the youths
[QUOTE=Zukriuchen;48099038]i certainly wouldn't expect this to come from a saudi prince[/QUOTE] It's kinda sad that everyone knows him as a Saudi prince. He's a businessman first and foremost, the fact that he's a prince doesn't have much bearing on his success, especially considering how his father was exiled for a period of time during the 60s for advocating political reform in Saudi Arabia.
[QUOTE=Headhumpy;48099416]It's kinda sad that everyone knows him as a Saudi prince. He's a businessman first and foremost, the fact that he's a prince doesn't have much bearing on his success, especially considering how his father was exiled for a period of time during the 60s for advocating political reform in Saudi Arabia.[/QUOTE] That's actually pretty cool, that his DAD was also progressive, which gives hope for his later family and what they could achieve in the future.
[QUOTE=Highwind017;48098402]It brings up a few questions about all this, Is he donating all of that at once or will he be giving a steady stream of donations? Is all this money being donated when he dies or while he's still alive?[/QUOTE] basically, it'll be in a trust, which can [I]only[/I] remove so much money at a time, and will be managed by the organization he donated to, but its all the same as donating all of it at once
[QUOTE=Llamalord;48098441]The fact that one man can amass a fortune of $34,000,000,000 and I'm slated to make a $70,000 salary mid career as a software engineer is the reason why this entire global economic system is completely broken. If I worked until I was 65 years old, I would have only made 3,150,000 dollars in my entire life. I would have to work 485,714 years to make that kind of money. What the fuck? 70,000 is pretty good considering the average income in America is 30,000ish.[/QUOTE] I'm pretty sure being rich works exponentially.
[QUOTE=Llamalord;48098441]The fact that one man can amass a fortune of $34,000,000,000 and I'm slated to make a $70,000 salary mid career as a software engineer is the reason why this entire global economic system is completely broken. If I worked until I was 65 years old, I would have only made 3,150,000 dollars in my entire life. I would have to work 485,714 years to make that kind of money. What the fuck? 70,000 is pretty good considering the average income in America is 30,000ish.[/QUOTE] so you don't plan on investing any of your money, doing stuff for cash besides your job or moving up in your career at all? you don't have to, that's your choice but working from 9-5 isn't how these people amass tons of wealth
[QUOTE=Llamalord;48098441]The fact that one man can amass a fortune of $34,000,000,000 and I'm slated to make a $70,000 salary mid career as a software engineer is the reason why this entire global economic system is completely broken. If I worked until I was 65 years old, I would have only made 3,150,000 dollars in my entire life. I would have to work 485,714 years to make that kind of money. What the fuck? 70,000 is pretty good considering the average income in America is 30,000ish.[/QUOTE] I make 38000 selling apartments that to be approved for you must make 2.5x the rent a month. So your salary has to be 140,000 for me to approve you for my 830 Sq ft studio apartment. "Real money is made from the rags of the rich. True money is made from Graves of the poor." Then again I don't care about money and just live my life for the hell of it haha
You guys are all missing the point, obviously a lot of his fortune is dispersed among various assets, properties, ventures, blah blah. There is literally no fucking way we would ever hope to be as wealthy as this guy. This isn't a fair game, that's why monopoly is the perfect example. If you get lucky and land on a few good properties, make some clever trades, you've pretty much won the game when all the other player's have is Teal, Purple, and Yellow properties while you have boardwalk, green, and red properties. All of us just by owning a computer and living in decently modern societies have a better chance at being wealthy. The Ugandan young adult who makes 250 dollars a year, has near nil chances of becoming wealthy. Socialism is literally the only way to encourage innovation and competition while still dispersing and sharing portions of our income to the pour. Assume I do invest 30% of my income into properties, investments, etc. When I'm 65 I'd maybe have 12,000,000 in assets if I was lucky, but that's still 1/2833 of his wealth.
[QUOTE=ProtoMob;48098358]This is the kind of thing nearly every rich person should do in my opinion. What the hell for do you need one billion dollars, let alone thirty-two anyway?[/QUOTE] Fuck that shit, if I have a billion dollars there's no way I'm just gonna give all of it away. There's a lot you can do with a billion dollars. Make investments and start a business and make more money or something like that. I'd rather be the one controlling where the money goes than just giving it away to some charity. I'd do the same things Musk is doing. Build industry, advance our technology. When I'm old and ready to retire, then I'd donate most of it, but not until I've used it while I've had it. But besides that, it's still an damn ignorant thing to say because they actually ALREADY donate most of their money anyway, you seem to be assuming they're bad greedy fat-cats or something.
Wow, just imagine what a 1 billion dollar donation could do for something like cancer research etc, let alone 32 billion.
[QUOTE=Llamalord;48099997]You guys are all missing the point, obviously a lot of his fortune is dispersed among various assets, properties, ventures, blah blah. There is literally no fucking way we would ever hope to be as wealthy as this guy. This isn't a fair game, that's why monopoly is the perfect example. If you get lucky and land on a few good properties, make some clever trades, you've pretty much won the game when all the other player's have is Teal, Purple, and Yellow properties while you have boardwalk, green, and red properties. All of us just by owning a computer and living in decently modern societies have a better chance at being wealthy. The Ugandan young adult who makes 250 dollars a year, has near nil chances of becoming wealthy. Socialism is literally the only way to encourage innovation and competition while still dispersing and sharing portions of our income to the pour. Assume I do invest 30% of my income into properties, investments, etc. When I'm 65 I'd maybe have 12,000,000 in assets if I was lucky, but that's still 1/2833 of his wealth.[/QUOTE] Why would an average person even want to be wealthy as this guy ? Why do you need 12 million dollars by the age of 65, what's your point ?
[QUOTE=Llamalord;48098441]The fact that one man can amass a fortune of $34,000,000,000 and I'm slated to make a $70,000 salary mid career as a software engineer is the reason why this entire global economic system is completely broken. If I worked until I was 65 years old, I would have only made 3,150,000 dollars in my entire life. I would have to work 485,714 years to make that kind of money. What the fuck? 70,000 is pretty good considering the average income in America is 30,000ish.[/QUOTE] Get yer pitch forks? World economy is okay. You dont get rich by working a job anyway, and you certianly have a chance to make 32 billion. Its fair because your salary is just enough to live in the society. It would be unfair if you required 32 billion to function properly, but you are not. So that guy being the exception doesnt bright the whole world economy down. He is the 34 richest man, so there are people richer then him. Means you can get richer then him.
Correct me if I'm wrong, but doesn't Islamic law forbid any Muslim for donating after his death, or when he knows his time of death? What's more, I recall a section of Islamic law that forbids Muslims from donating more than 1/3rd of their wealth to charity. The rest MUST go to family/heirs.
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