October 25, 2010

Amid China’s Economic Boom, Philanthropy Lags

Posted in Philanthropy at 1:42 pm by philanthropynews

Shortly before an exclusive event promoting charity was to take place in late September, tension was running high in the local Chinese media. Rumors had been floating around for weeks that half of the 50 or so billionaires invited to the dinner, known as the “Ba-Bi” banquet, might not show up. The Chinese term “Ba-Bi” refers to Warren Buffett and Bill Gates, the two hosts of the much-hyped dinner event.

In the end, the press’s hand-wringing was for naught: More than two out of three invitees attended, the two Americans proudly announced at a subsequent press conference in Beijing that they found philanthropy among the country’s ultra-rich to be alive and well. According to Rupert Hoogewerf, publisher of an influential Chinese rich list, China currently has 189 dollar billionaires, second in number only to the U.S. “All those people have made enough money for generations to come,” says Hoogewerf. “Now is a good time to start thinking about giving.”

(Read more via TIME)

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