It's not easy being filthy rich (sarcasm); you need a good imagination to know what to do with all that money. Saudi Arabian Prince Al-Waleed bin Talal may well have been grappling with this problem when he decided to give his entire fortune away to those in need.

In a recent address to the media (see subtitled video), 60 year-old Al-Waleed said he promised to use his $32 billion fortune to make the world a better place, saying that"the philanthropic pledge will help build bridges to foster cultural understanding, develop communities, empower women, enable youth, provide vital disaster relief and create a more tolerant and accepting world."

In addition to being a member of the Royal family, Prince Al-Waleed is a prominent business tycoon. He was listed as one of Time magazine's Time 100, an annual list of the hundred most influential people in the world in 2008. Al-Waleed is the founder and CEO of the Kingdom Holding Company, a Forbes Global 2000 company with investments in companies within various sectors such as banking and financial services, hotels and hotel management companies, mass media, entertainment, retail, agriculture, petrochemicals, aviation, technology, and real estate. He also has substantial investments in Citigroup, 21st Century Fox, and Twitter to name a few. Al-Waleed has been called the "Arabian Warren Buffett" by Time Magazine, and is arguably one of the most influential men in the Arab world, which is why his actions are so important.