How Is Philanthropy Evolving In China? (Video)

Wealthy Chinese Looking To Emulate Role Models Like Bill Gates As Charitable Giving Becomes Increasingly Popular

Philanthopist Chen Guangbiao

Philanthopist Chen Guangbiao

Jing Daily has kept a close eye on the growing trend of philanthropy among China’s wealthy elite, from recent events like the BAZAAR charity auction that raised a total of 19 million yuan (US$2.75 million) for the China Social Assistance Foundation (CSAF) to the first-ever “Soul-Rich List” that awarded the charitable inclinations of some of China’s top givers. Though it was only recently that the wealthiest Chinese were willing (or able) to publicly donate millions to charity, much like collecting antiquities, wine or artwork, it’s becoming something of a status symbol, something that some Chinese multimillionaires are engaging in because of three main reasons: a feeling of social responsibility in a country where some have become ultra-rich while the vast majority have most certainly not; status; and a desire to emulate successful businesspeople, such as Bill Gates and Warren Buffett, who also see charity as an imperative.

Recently, Matthew Bishop, New York Bureau Chief of the Economist, discussed the growing “culture of giving” in China, which has grown rapidly not only among the Chinese elite but also among younger individuals, particularly in the wake of the 2008 Sichuan earthquake and the more recent Qinghai earthquake.

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