Chinese Philantropy

29 Sep 2010 - The visit of Warren Buffett and Bill Gates to China has created a buzz on the internet about philantropy among the country's new super-rich. Buffet and Gates visit the mainland to discuss charitable giving with the richest of the Chinese rich and have so far received very mixed reactions. Only one tycoon openly committed to make posthumous donations, but others have pointed out that China's system is "not ready" for massive charitable giving. Others do not want to undermine the role of the State. China is home to 64 of the world's 937 richest people, according to the annual list as published by Forbes magazine. The widening gap between the rich and the poor has put pressure on the tycoons to do more for society. Buffett and Gates are careful; not to politicize the debate saying that China's circumstances are unique and so its approach to philantropy will be.