Prince Alwaleed bin Talal, one of the richest men in the world, said he wants to donate to groups that promote health and help with disaster relief.
The 60-year-old will also support women’s charities and those that look towards eradicating disease.
He did not say whether the generous move would have any impact on his holdings.
Mr bin Talal is the grandson of Saudi Arabia’s founder Ibn Saud.
He is said to have started his business empire with a $30,000 (£19,000) gift from his father and a $300,000 (£191,000) loan.
By 2005 he was worth $10bn (£6.4bn) and had earned the nickname ‘Buffett of Arabia’ after American business magnate Warren Buffett.
The 60-year-old businessman is pictured signing a firm order with Airbus for an A380 Flying Palace in 2007. He became the first customer for the VIP version of the new double-deck airliner
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 air strikes 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.
The prince has several planes including the smaller A Hawker jet, left, and the Boeing 747
The dining facilities on board Saudi Prince Al-Waleed bin Talal’s private Boeing 747
A comfortable throne decorated in gold also sits in the middle of Prince Al-Waleed’s plane
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’ £13bn.
According to the prince’s calculations he should have been ranked at number ten with a £19.5bn fortune.
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.
These include his collection of Ferraris and Lamborghinis.
His property empire includes a 420-room mansion in Riyadh, which boasts various swimming pools and portraits of himself, as well as a 120-acre ‘farm and resort’.