Li Ka-shing, the 78- year-old billionaire owner of Hutchison Whampoa, said Thursday that he had no plans to retire and eventually would give at least a third of his wealth to his charitable foundation.
The Li Ka-shing Foundation has disbursed or committed almost 8 billion Hong Kong dollars, or $1 billion, mostly in Hong Kong and China.
"This may spur more philanthropy in Asia," said Michael Troth, Asia Pacific and Middle East head of global wealth structuring at Citigroup's private bank. "An increasing number of our clients are interested in making a positive difference with their wealth and a lot of people look at what Li does when planning their affairs," he said.
Li, who Fortune magazine says is worth $18.8 billion, joins fellow billionaires, including Bill Gates and Warren Buffett, in pledging to give away a substantial portion of their wealth.
[Excerpt of an article by Joshua Fellman, The International Herald Tribune]
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