London, July 1 (IANS): A Saudi Arabian billionaire is planning to give his entire $32-billion fortune to charity, media reported on Wednesday.

Prince Alwaleed bin Talal, one of the richest men in the world, said he wanted to donate to groups that promote health and help with disaster relief, the Daily Mail reported.

The 60-year-old would also support women's charities and those that look towards eradicating disease.

Bin Talal is the grandson of Saudi Arabia's founder Ibn Saud.

He was said to have started his business with a $30,000 gift from his father and a $300,000 loan.

In 2005 he was worth $10 billion and earned the nickname "Buffett of Arabia" after American business magnate Warren Buffett.

His investments include London's Savoy Hotel, Apple, Citigroup and News Corp.

The businessman has been known for his extravagant gifts and previously gave 25 Bentleys to members of a Saudi football team.

He also promised to give a free Bentley to every pilot involved in the Yemen airstrikes earlier this year.

In 2013, he threatened to boycott Forbes magazine for underestimating his wealth and saying he was only in 26th place in a list of the world's richest.

The prince first came to the attention of the magazine when he contacted them following the publication of their first list in 1988.

He wanted to inform them of his wealth and ensure that he was included in the next one.

But the relationship soured when the 2013 annual list claimed he was worth "only" 13 billion pounds.

The super yacht owner, who is married to Princess Amira Al-Taweel and has two children, also enjoys the world’s largest private jet and a fleet of more than 200 cars.

His properties include a 420-room mansion in Riyadh, which boasts of various swimming pools and portraits of himself, as well as a 120-acre "farm and resort".