Related Stories
The Faces Of China's New Philanthropy
Key Excerpts from Article on Website of Forbes
Posted: January 16th, 2017
http://www.forbes.com/sites/katiasavchuk/2016/01/27/the-face...
Five months before Chinese e-commerce behemoth Alibaba's went public in September 2014, cofounders Jack Ma and Joseph Tsai created charitable trusts and seeded them with a combined 50 million in share options. Today those trusts are worth nearly $3.5 billion. It's one sign of a new age of large-scale philanthropy in China. Three decades after economic reforms paved the way for 400 billionaires to emerge ... extremely wealthy Chinese have started giving their money away in large sums ... according to research on China's top 100 philanthropists released Wednesday by the Ash Center for Democratic Governance at the Harvard Kennedy School. "It's important to look at the trends in how rich people are giving back to society. We wanted to create healthy competition among donors and shift the national debate from wealth creation to philanthropy," said Peiran Wei, who led the research. Among the 100 philanthropists, the average donation was around $8 million. They gave most often to education. "If you're a businessman in China, it's probably easier for you to make money than to give it away. It's not a free market for philanthropy," Wei said. More than half of the philanthropists gave to charities affiliated with the government. Wei speculates this is ... because these are some of the few entities today that can handle giving at a large scale. However, 19 donors on the list have created private foundations, which Wei says signals a shift toward more professionalized philanthropy.
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
Related Stories
Top Inspiring News Articles
Top Inspiring News Articles from Years Past
