Wokai Blog: The Next Bill Gates of China?

"Charity is an emerging field in China, a sign of economic growth and a response to rising inequality. Traditionally, financial assistance came either from the state or from extended family networks. [But] China lags behind Western countries in private donations.

When Bill Gates and Warren Buffett recently called for all billionaires to give away half of their wealth, Wang Zhenyao thought China should have a similar formula. We need a Bill Gates and a Warren Buffet in China, Wang says.

Wang, the head of China’s first philanthropic research institute, is calling on all Chinese billionaires to donate a million yuan a year to charity. Wang says multimillionaires should give a hundred thousand yuan annually.

Whether a Chinese Bill Gates will emerge remains to be seen."