In today’s Wall Street Journal, the newspaper reports “The Revolution of Chairman Li – China’s Richest Man Leads Others to Give, Bucking Nation’s Taboos“:
“Li Ka-shing, Asia’s richest man, is shaking up philanthropy in China. While multibillion-dollar donations by Western entrepreneurs such as Warren Buffett, Bill Gates and Mexico’s Carlos Slim are turning private wealth into a force for tackling social problems, philanthropy remains a radical concept in China. The Communist Party has long stymied privately funded institutions,
from churches to schools, viewing them as a threat to its grip on power. And traditional Confucian beliefs hold that charitable donations should be done quietly, so as not to extract personal benefit from altruism. Now, Mr. Li, the chairman of Hong Kong conglomerate Hutchison Whampoa Ltd., is leading a growing group of wealthy Chinese who are challenging tradition and embracing a more open approach to giving. Last year, Mr. Li announced plans to give a third of his fortune — a pledge estimated at more than $10 billion — to his foundations that fund philanthropic projects around the world. The move will give the Li Ka-shing Foundation an endowment that rivals the $11 billion Ford Foundation, the second largest U.S. philanthropy after the Bill and Melinda Gates Foundation.”
I think this is fantastic. I believe, that with great wealth, comes great responsibility. I don’t have any sources or stats to refer to, but I wouldn’t be surprised if Asian-Americans were the lowest contributors to non-profit organizations and have a poor record of philanthropy, just like Asian-Americans are the least likely to vote of any ethnicity in America…
About John
I'm a Taiwanese-American and was born & raised in Western Massachusetts, went to college in upstate New York, worked in Connecticut, went to grad school in North Carolina and then moved out to the Bay Area in 1999 and have been living here ever since - love the weather and almost everything about the area (except the high cost of housing...)
