One Saudi businessman has chosen a different path: he gave it all away. Sulaiman bin Abdul Aziz Al Rajhi, the co-founder of the influential Al Rajhi Bank, has made one of the most significant private philanthropic gestures in history by donating most of his fortune to charitable causes. Rather than remain a billionaire, Al Rajhi distributed roughly half of his wealth to his children and the other half—an estimated $16 billion—to humanitarian projects through his charitable foundation. This unprecedented act of generosity has reduced his personal net worth to around $590 million, earning him international recognition and setting a new standard for philanthropy.
The assets he donated were not just cash but a diverse portfolio of shares in the bank, real estate, and businesses that have been repurposed into waqf, or Islamic endowments. These endowments are designed to fund long-term initiatives in critical areas such as education, healthcare, food security, and religion. By using this model, Al Rajhi has ensured that his wealth will continue to benefit society for generations to come, creating a sustainable legacy that is not dependent on a single lifetime.
Al Rajhi's decision to willingly step down from billionaire status is a powerful and rare example of using personal wealth to fuel lasting social impact. His philanthropic efforts highlight a broader global trend of individuals reshaping their legacies through large-scale giving. Unlike many high-profile billionaires who set up foundations after their death, Al Rajhi's act of giving while he is still alive is a testament to his belief in the immediate power of wealth to do good.
