By Daniel Hunter

Saudi billionaire Prince Alwaleed bin Talal will donate his entire €32 billion (£20bn) fortune to charity, he has said.

The 60-year nephew of King Salman is one of the richest men in Saudi Arabia and 34th of Forbes rich list.

Prince Alwaleed said he had been inspired by the Gates Foundation, set up by Bill Gates and his wife Melinda in 1997.

The $32bn fortune will help to "foster cultural understanding", "empower women", and "provide vital disaster relief", through his charity Alwaleed Philanthropies.

He has already donated more than $3.5bn to the charity so far.

Prince Alwaleed will continue to make money as chairman of investment firm Kingdom Holding Company, which has stakes in brands like Apple, News Corp, Citigroup, Twitter and The Four Seasons.

"This is very much separate from my ownership in Kingdom Holding," he said at the announcement.

"Philanthropy is a personal responsibility, which I embarked upon more than three decades ago and is an intrinsic part of my Islamic faith.

Bill Gates said the donation was an "inspiration to all of us working in philanthropy around the world".