Buffet’s leson in charity for China – Can Buffet and Gates persuade China’s rich to give back?

By Huang Daohen

While China’s billionaires are busy investing their money to pave the way for their companies to become multinationals, American billionaires Warren Buffett and Bill Gates have announced that they will come to China next month to ask the country’s rich to donate at least half of their wealth, according to AFP.

Without a backdrop of philanthropist heritage in China, many doubt that Buffett and Gates’ trip for a more charitable China will have a positive effect.

Warren Buffet (left) and Bill Gates are due in China to press the wealthy to donate more. Daniel Glushoter/CFP Photo

The move comes after the release of a list of 40 rich donors who pledged to give more than half of their fortune to charity. In June, Buffett and Gates launched a project called “The Giving Pledge,” calling the wealthiest individuals and families in the US to give away the majority of their wealth.

Wealthy individuals – including CNN founder Ted Turner and New York City mayor Michael Bloomberg – have signed the pledge, AFP said.
In a press briefing earlier this month, Buffett said he will meet with a large group of wealthy Chinese people. “That’s just to explain it to people in those countries and maybe give a little bit of our experience. And if they wish to take what we think is a good idea and run with it, we’ll be cheering,” AFP quoted Buffet as saying.

According to Forbes magazine, China has the second highest number of billionaires in the world, after the US. This year’s list included 117 Chinese, with 64 from mainland, 25 from Hong Kong and 18 from Taiwan.

However, due to cultural differences between China and the US, many doubt the two Americans will persuade anyone.