Public Philanthropy in Asia Saturday, November 3, 2007
Posted by croatz in capital markets.Tags: china, philanthropy, wsj
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A Hong-Kong billionaire rises from the bottom of war-torn China to become one of wealthiest men in the world and the CEO of Hutchison Whampoa Ltd with a personal fortune estimated in excess of $10 Billion. Along the way Chairman Li decided to do something with his fortune that is unheard of in China, give it away. As he breaks down the societal barriers to the acceptance of public philanthropy in China he is opening a whole new avenue for charity in what remains one the world’s poorest countrysides.
Is it possible that Chairman Li is following Bill Gates and Warren Buffett’s lead?
As Mr. Gates has become a huge international player in public philanthropy it is impossible to deny that Chairman Li was not influenced by Mr. Gates efforts. Mr. Gates has been unabashed about public philanthropy (typical in America – but not Asia) and because of his charity, and status, he has received international coverage from the media. While I doubt that Chairman Li took much from Mr. Gates he will take any help he can get in his drive to increase public philanthropy in Asia.