Rich family members are expected to give $200m to charity in a major blow to a global effort to combat poverty, as their fortunes soar.
The donation will be announced Monday at a news conference at the United Nations headquarters in New York, where the global initiative called “The Billionaires Pledge” is headed by the U.S. President, Donald Trump.
The family of billionaire oil magnate Prince Alwaleed Bin Talal and his wife, Princess Jafar Alwari, are expected, along with his son-in-law, billionaire oil trader Glencore Plc chairman and CEO Alexandre Lacasse, and their spouses, Princess Eugenie and Pierre-Joseph Boutros, to donate the money to a charity of their choosing.
Prince Alw, his wife and their two daughters, the late actress Julie Christie and actress Naomi Watts, are the biggest donors.
They will give $20m to the Children’s Fund, the world’s biggest charity, which aims to raise $20 billion for poor children and families.
The money will be distributed to the UN Children’s Emergency Fund, which has received $5.2 billion from oil and gas companies, philanthropists and governments since 2014.
The billionaire siblings also have given $25m to an effort called the Unequal World Fund, where $1 billion has been given to fight poverty in developing countries.
Prince Thabit Bin Alwaled, the current ruler of Saudi Arabia, is the biggest donor to the UNAIDS and the UGEF.
He is also expected to attend the news conference.
Prince Khaled Bin Talha, who is the younger brother of the current king, has given $50m to UNICEF.
And the Alwars have also given $5 million to the World Food Programme, a U.N. agency that provides food and nutrition aid.