Bill Gates Urge China’s Richest To Donate To Poor In State Editorial
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Microsoft co-founder Bill Gates has written an appeal to fellow billionaires from China, urging them to do more for the poor, as wealth continues to grow in the world’s second largest economy.
In an editorial published by the state-owned People’s Daily, often seen as a government mouthpiece, Gates called on Chinese businessmen to “put their talents to work to improve the lives of poor people in China and around the world, and seek solutions for them.”
Microsoft co-founder Bill Gates has written an appeal to fellow billionaires from China, urging them to do more for the poor, as wealth continues to grow in the world’s second largest economy.
In an editorial published by the state-owned People’s Daily, often seen as a government mouthpiece, Gates called on Chinese businessmen to “put their talents to work to improve the lives of poor people in China and around the world, and seek solutions for them.”
“Only when we help poor people break away from destitution and illness can the whole world achieve sustainable development,” he added.
[quote]”Investing in poor people requires the involvement of every social strata. I believe that the returns from investing in poor people are just as great as [returns] from investing in the business world, and have even more meaning.”[/quote]Related: Bill Gates Is World’s Richest Man – Again
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China had 358 billionaires in 2013, a 41 percent increase from 2012, according to the latest Hurun report. This gives the nation the second-most billionaires of any country in the world, trailing only the United States; yet in terms of charitable giving, China ranks among the world’s worst. The 2013 World Giving Index, conducted by the Charities Aid Foundation, ranked China second to last in a survey of 135 countries.
There are signs, however, that philanthropy is on the rise in China. Last Thursday, Jack Ma and Joe Tsai, founders of the e-commerce giant Alibaba, announced the establishment of a charitable trust, focusing on the environment and health. Valued at closed to $3 billion, it could one of the largest such trusts in Asia.
Nonetheless, philanthropy in China has yet to take off, as some wealthy Chinese fear generous donations could invite unwanted attention on their fortunes. In 2010, Gates, whose Bill and Melinda Gates Foundation has a $38 billion endowment, and fellow billionaire Warren Buffett asked 50 of China’s richest people to a charity dinner in Beijing. Many declined, uncomfortable to be asked for donations.
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The Chinese government however has gradually been moving toward improving the regulatory environment for philanthropy, said Scott Kennedy, director of the Research Centre for Chinese Politics and Business at Indiana University, to the South China Morning Post.
“The key step will be the passage of a Charity Law, which may occur this year,” he said. “Once issued, we can expect the overall level of philanthropy to rise rapidly.”
