Saudi businessman lost billionaire status after donating $19 billion to charity

Sulaiman bin Abdul Aziz Al Rajhi, a co-founder of Al Rajhi Bank and one of Saudi Arabia’s top businessmen, has donated most of his wealth to charity

Sulaiman bin Abdul Aziz Al Rajhi, a prominent Saudi businessman and co-founder of Al Rajhi Bank, is widely recognized for his extraordinary philanthropy.

Over his lifetime, he donated approximately $16 billion (60 billion SAR) to charity (some sources say $19 billion), effectively removing himself from the billionaire ranks. His wealth was divided into three parts: two-thirds for charitable causes and one-third for his family. The donations were primarily managed through the Sulaiman Bin Abdul Aziz Al Rajhi Charitable Foundation, which supports education, healthcare, religion, and social development in Saudi Arabia and beyond.

Al Rajhi’s journey is remarkable. Born into poverty, he began working at a young age and eventually co-founded Al Rajhi Bank in 1957 with his brothers. The bank grew into one of the largest Islamic banks globally, making the Al Rajhi family one of Saudi Arabia’s wealthiest non-royals. Despite his immense wealth, Al Rajhi lived modestly and believed in using his resources to benefit others.

By: Sonya Mulkeet