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Millionaires can relax, say Gates and Buffett
Source: Agencies |
01:54 UTC+8 September 15, 2010
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MICROSOFT Corp co-founder Bill Gates and billionaire investor Warren Buffett said yesterday they won't be pressuring China's newly minted millionaires to give up their fortunes during a trip to China to promote philanthropy.
Gates and Buffett have been campaigning to persuade American billionaires to give most of their fortunes to charity. Their visit to China will include a private dinner on September 29 in Beijing with a group of wealthy Chinese. According to the Bill and Melinda Gates Foundation office in China, some invitees have rung to ask if they will be required to pledge donations.
In a letter to Xinhua news agency, Gates and Buffett said while 40 American families have signed what they call the "giving pledge," the drive was not necessarily suited to China.
"We know that the Giving Pledge is just one approach to philanthropy, and we do not know if it's the right path forward for China," they wrote. "Some people have wondered if we're coming to China to pressure people to give. Not at all."
There are at least 875,000 US dollar millionaires on Chinese mainland, according to Shanghai-based analyst Rupert Hoogewerf. Among them, 130 are billionaires, second only to the US.
Hoogewerf says that at an average age of 39, the rich Chinese are generally 15 years younger than their foreign counterparts and are generating more wealth faster, in the service, property and manufacturing sectors.
While philanthropy is becoming increasingly important, it isn't often considered an immediate priority, he says.
Gates and Buffett have been campaigning to persuade American billionaires to give most of their fortunes to charity. Their visit to China will include a private dinner on September 29 in Beijing with a group of wealthy Chinese. According to the Bill and Melinda Gates Foundation office in China, some invitees have rung to ask if they will be required to pledge donations.
In a letter to Xinhua news agency, Gates and Buffett said while 40 American families have signed what they call the "giving pledge," the drive was not necessarily suited to China.
"We know that the Giving Pledge is just one approach to philanthropy, and we do not know if it's the right path forward for China," they wrote. "Some people have wondered if we're coming to China to pressure people to give. Not at all."
There are at least 875,000 US dollar millionaires on Chinese mainland, according to Shanghai-based analyst Rupert Hoogewerf. Among them, 130 are billionaires, second only to the US.
Hoogewerf says that at an average age of 39, the rich Chinese are generally 15 years younger than their foreign counterparts and are generating more wealth faster, in the service, property and manufacturing sectors.
While philanthropy is becoming increasingly important, it isn't often considered an immediate priority, he says.
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