Gates and Buffet Philanthropic Challenge in China

New York Times – Asia Pacific reports on Warren Buffet’s and Bill Gates’ worldwide challenge at a dinner in Beijing, China to convince billionaires to give away their wealth in their lifetimes.

Details are found in the link below. Here are some bullet points:

• Gates and Buffet declared the dinner a success saying 2/3 of invitees attended

• Their goal was to get attendees to take a pledge to donate their fortunes to charity within their lifetimes

• One Chinese billionaire joined them in saying he would do so. As a result, 41 of the wealthiest worldwide have made the pledge.

• Buffet and Gates said they would not do follow-up calls in China, as they had after previous dinners. “What happens in China (philanthropically) is up to the Chinese.”

• They said the guests at the Beijing dinner asked similar questions to those heard in the U.S.

• One reason for philanthropic hesitancy is attributed to the fact that the majority of the wealth in China has occurred in the past 30 years. It’s usually a challenge for the first generation of wealth in any culture to grasp their role in philanthropy.

View the article here.

Posted By: Susan Hailman, Former Director of Knowledge Transfer & Utilization