Warren Buffett's announcement that he would give nearly all of his $44 billion fortune to the Bill and Melinda Gates Foundation seems to have had a snowball effect.
In July Indian-born mining tycoon Anil Agarwal pledged to give $1 billion to help build a world-class university for his native country, telling TIME, "India desperately needs to improve education ... [And] what is the point of money if it's not made to be given back to society?"
Hong Kong actor Jackie Chan said that he would bequeath half his wealth to help Asian youth. In May, Forbes named Chan as one of the world's most generous celebrities in a list that included Bono, Paul McCartney and Oprah Winfrey.
And Li Ka-shing, long one of Asia's biggest donors, revealed at a press conference on Aug. 24 that he plans to give one-third of his fortune, now estimated to be $18.8 billion, to his own charitable foundation, which he called "my third son" (in addition to his two children, Victor and Richard).
[Excerpt of an article by Bryan Walsh, Time Magazine]
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