The Gates’ challenging "philanthropic conspiracy"

Bill Gates and Melinda Gates recently received the J. William Fulbright Prize for International Understanding. Visit after visit to remote spots around the globe has compelled the Gateses to use their $35 billion foundation to target global health and international development.

Ann Stock, assistant secretary of the Bureau of Educational and Cultural Affairs at the State Department says, "Bill and Melinda Gates exemplify shared responsibility. They are stepping up to the plate and charting a new path for philanthropic giving. They are putting their giving all together in a way we haven't seen before."

And this year, the couple and fellow billionaire Warren Buffett threw out a challenge to other wealthy people to give at least half their worth to charity. Asked about the gambit, Bill Gates laughed, saying: "A group has chosen to work together and decide how to get more effective. ... We are amazed that 40 have signed up so far."

Melinda Gates then smiled at the effect of their philanthropic conspiracy.

China's wealthy and their outlook on philanthropy

Chinese businessmen, initially excited to meet two American billionaires Bill Gates and Warren Buffet, worried if they would be forced to pledge their fortunes over dinner with them.

Once the Chinese media caught wind, accusations of miserly conduct began flying as well as breathless speculations about who exactly had been invited and who had declined. The result has been much soul-searching among the wealthy in China about how best to help society and what responsibilities come with new-found wealth.

As in America's era of robber barons, new titans of industry are emerging every year in China. But in the United States, the industrial age also ushered in a generation of philanthropists - names such as Carnegie and Rockefeller that still resound today - and it is unclear whether the same is happening, or will happen, in China.

China now has one of the world's largest collection of billionaires, second this year only to the United States, according to Forbes. While the Chinese government has been eager to compete with the United States and the rest of the world in other fields, philanthropy is one sector in which it remains hesitant. China's leaders have not fully embraced the idea of handing over to individuals or groups the power to help the nation's people - a role traditionally reserved for the Communist Party.

"One thing holding back philanthropy may be the reluctance among the rich. But the other is the worry of the government," said Li Huafang, a researcher for the Shanghai Institute of Finance and Law. "They don't want other entities competing with them for the people's hearts.”

Chen Guangbiao, a multimillionaire who has been one of China's most outspoken philanthropists, believes Chinese can become world-class philanthropists, given the benefit of time.

"In the U.S. you had more than a hundred years to develop this idea," he said. "In China, people haven't even come into wealth until these past 20 years. Our speed has been very fast, and, who knows, in the next 10 years, we have the potential to become the best givers in the world."

[Washington Post]

Bill Gates and Warren Buffett’s planned charitable visit to China

Billionaires Bill Gates and Warren Buffett invited a number of wealthy Chinese individuals to attend an event they plan to host in China, only to hear that most declined the invitation due to concerns they’d be asked to donate to charity.

Gates, 54, and Buffett, 80, who Forbes Magazine estimates are worth a combined $100 billion, recently pressed American billionaires to pledge at least half of their fortunes to charity.

Gates and Buffet are now planning to publicly explain the purpose of their planned visit to China. A letter may be released as early as this week detailing why they’ve invited Chinese billionaires to a private event during a visit to the Asian nation at the end of the month.

Zhang Jing, a press officer for the Bill and Melinda Gates Foundation’s Beijing office, said, “Our biggest intention for this month’s China trip is to learn how to do philanthropy in China. We would like to learn how to propel the charity business in such a big developing nation.”

The Economic Observer reported that Buffett and Gates will also travel to Shanghai and the southern province of Guangdong. The two billionaires will visit companies in which Buffett holds a stake, the newspaper said, citing people it didn’t identify.