More specifically, over the course of the next several years, his monetary gift will go to Alwaleed Philanthropies -- an organization that has worked to support and initiates philanthropic projects in over 90 countries around the world.
The money will specifically go towards helping causes such as empowering women, eradicating diseases, assisting in disaster relief and ending poverty, to name a few.
Even Bill Gates applauded the prince, calling him "an inspiration to all of us working in philanthropy around the world."
Photos of the prince through the years:
Prince Alwaleed bin Talal
One of the richest men in the world is giving his entire fortune to charity
Saudi Arabia's billionaire Prince Alwaleed bin Talal gestures during a press conference in the Saudi capital, Riyadh, on July 1, 2015. Alwaleed pledged his entire $32-billion (28.8-billion-euro) fortune to charitable projects over the coming years. The prince said in a statement 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.' AFP PHOTO / FAYEZ NURELDINE (Photo credit should read FAYEZ NURELDINE/AFP/Getty Images)
Prince Alwaleed Bin Talal, Saudi billionaire and founder of Kingdom Holding Co., smiles while speaking at the Bloomberg Year Ahead: 2014 conference in Chicago, Illinois, U.S., on Wednesday, Nov. 20, 2013. Alwaleed said President Barack Obama lacks a 'comprehensive and coherent foreign policy' toward the Arab world. Photographer: Daniel Acker/Bloomberg via Getty Images
LONDON, ENGLAND - APRIL 29: Suadi Prince Al-Waleed bin Talal and Princess Ameerah exit Westminster Abbey after the Royal Wedding of Prince William to Catherine Middleton on April 29, 2011 in London, England. The marriage of the second in line to the British throne is to be led by the Archbishop of Canterbury and will be attended by 1900 guests, including foreign Royal family members and heads of state. Thousands of well-wishers from around the world have also flocked to London to witness the spectacle and pageantry of the Royal Wedding. (Photo by Ian Gavan/GP/Getty Images)
LONDON, UNITED KINGDOM - NOVEMBER 02: (EMBARGOED FOR PUBLICATION IN UK NEWSPAPERS UNTIL 48 HOURS AFTER CREATE DATE AND TIME) Prince Alwaleed Bin Talal Bin AbdulAziz Alsaud and Princess Amira attend the re-opening of the newly restored Savoy Hotel on November 2, 2010 in London, England. (Photo by Indigo/Getty Images)
President of French Polynesia Gaston Tong Sang (L) welcomes Saudi Prince Al-Waleed bin Talal and his wife, Princess Amira al-Taweel (2ndL) on July 26, 2010 in Papeete on the French Polynesian Island, after the billionaire spent four days holiday on the Bora Bora island. AFP PHOTO GREGORY BOISSY (Photo credit should read GREGORY BOISSY/AFP/Getty Images)
Saudi tycoon Prince Alwaleed bin Talal speaks during a press conference in Riyadh on February 23, 2010. Global media giant News Corp has bought a 9.09-percent stake in Rotana Group, which is controlled by bin Talal, the companies said. AFPP HOTO/STR (Photo credit should read -/AFP/Getty Images)
FRANCE - JULY 16: Nicolas Sarkozy and Prince Alwaleed bin Talal at opening of Islamic art department of the Louvre Museum In Paris, France On July 16, 2008-Saudi Arabian Prince Alwaleed bin Talal Bin Abdul aziz Al Saud, front left, and French president Nicolas Sarkozy, front right, at opening of future Islamic art department inside the Louvre , during a ceremony marking the launch of the works. (Photo by Pool Interagences/Gamma-Rapho via Getty Images)
FILE -- In this Tuesday, Sept. 4, 2007 file photo, Saudi Prince Alwaleed bin Talal, foreground, delivers a speech as his wife, Princess Amira, looks on, after he received the medal of Great Patron of the French Culture Ministry during a ceremony at the Louvre museum in Paris, France. Saudi billionaire Prince Alwaleed bin Talal has indicated support of allowing women there to drive writing Sunday on his Twitter account that it would help the kingdom's campaign to cut down on more than 8 million foreign workers in Saudi Arabia. (AP Photo/Francois Mori, File)
One month after the terrorist attacks on the World Trade Center, Prince Alwaleed Bin Talal of Saudi Arabia, right, is escorted by New York Mayor Rudolph Giuliani at the site of the former towers Thursday, Oct. 11, 2001. The outspoken member of the Saudi royal family issued a statement criticizing U.S. policies while visiting the World Trade Center ruins and presenting the city with a $10 million check for relief efforts. (AP Photo/Pool, Stan Honda)
US pop star Michael Jackson, left, and Saudi Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud, wave as they arrive for a press conference in Paris Tuesday March 19, 1996, where they signed agreements to form a new joint venture, called "Kingdom Entertainment", to explore and develop opportunities in the entertainment industry. One of the first joint activities will be sponsoring Jackson's world "History Tour", and will include theme parks and restaurants, character licensing, television programming, motion pictures and multimedia. (AP Photo/Francois Mori)