Billionaire Saudi Arabian Prince Alwaleed bin Talal has said he will give his $32bn (£20bn) fortune to charity when he dies.

The prince, already known for his ostentatious charitable donations, told reporters on 1 July that he would begin moving the considerable wealth to his Alwaleed Philanthropic Foundation over the coming years.

The $32bn will include Prince Alwaleed's stake in Kingdom Holding, the investment firm he chairs, as well as his assets outside Saudi Arabia.

He said the donation "will be allocated according to a well-devised plan throughout the coming years" but added there was no time limit on when the donation should be spent.

The Saudi prince, nephew to the late king Abdullah, said he would head a board of trustees tasked with spending the money