New King of Saudi Arabia hands out £20.7 billion to his people as he celebrates taking the throne

The new monarch of Saudi Arabia has handed out billions of pounds to the country's citizens to celebrate his coronation.

King Salman bin Abdulaziz Al Saud made the remarkably generous gesture, estimated to total almost £21 billion, to mark taking the throne in the oil-rich country.

In a message on Twitter - that has now been shared more than 350,000 times - the King wrote: 'Dear people: You deserve more and whatever I do will not be able to give you what you deserve.' 

The massive handout includes a two-month wage payout for all state employees, as well as soldiers, students and pensioners.

Delighted Saudis are said to be splashing out on new smart phones, luxury watches and exotic holidays to celebrate. 

Some men are also reported to be setting aside the money especially to allow them to marry their first, second or third wives. 

There will also be generous grants to various professional associations, as well as literary and sports clubs. 

John Sfakianakis, Middle East director of the Ashmore group, an investment company, told the New York Times: 'It is party time for Saudi Arabia right now.' 

The handout will boost the wages of the country's government workforce, estimated to number approximately three million people. 

On social media, Saudis have been celebrating the news, with one man posting a video showing him showering his child in crisp riyal notes. 

Several private companies have also reportedly followed the King's lead and handed out bonuses to their own employees. 

King Salman, 79, came to the throne last month after his half-brother Abdullah died aged 90 after losing his battle with pneumonia.

It has long been a common tactic for a new monarch to win over the hearts and mind of the people with generosity when they first come to power. 

The tactic appears to be working, with reports that companies have taken out billboards across the country saying they 'pledge allegiance' to their new ruler. 

King Abdullah announced a 15 per cent raise in government salaries after taking the throne in 2005, and also handed out a one-month salary bonus in 2011 after returning from medical treatment abroad.

But experts have warned that the tradition will be unsustainable in the future, as falling oil prices around the world has an impact on Saudi Arabia's wealthy reserves. 

King Salman is believed to be battling with both Alzheimer's and dementia, and has suffered at least one stroke which left him with limited movement in his left arm.

 Dailymail