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Saudi king gives away $32 billion

King Salman bin Abdulaziz Al Saud celebrates coronation with huge giveaway

Giving away $32 billion is one way to celebrate your coronation. King Salman bin Abdulaziz Al Saud, 79, ascended the throne on Jan. 23, and decided to share the wealth with all state employees, soldiers, students and pensioners - these citizens will receive a two-month basic stipend. King Salman is also handing out money to professional associations, and literary and sports clubs, reports Vice News.

The king took over the throne after his brother, King Abdullah, died. King Salman's gift will benefit more than half of the Saudi population; three million out of the 5.5 milion workforce in Saudi Arabia work for the government, according to Vice. Even better - many private companies have offered to match King Salman's contributions, making the king's gift a win-win situation.

The New York Times reports that it is not uncommon for Saudi monarchs to hand out money to citizens in exchange for loyalty and obedience. The Times reports that the salary for state employees may run as high as $4,800 a month, bringing the bonus up to $9,600. One Saudi business owner said he expects sales at his store to jump by 30 percent.

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