Gates, Buffett Will Promote Philanthropy to China's Rich

Bill Gates and Warren Buffett are scheduled to dine with Chinese businessmen Wednesday in a bid to promote philanthropy in the world's second-largest economy.

The dinner will be held at a mansion, modeled after the baroque 17th century Chateau de Maisons-Laffitte in France, on the edge of Beijing, The Associated Press said.

Invitees include Pan Shiyi and Zhang Xin, chairman and CEO of property developer SOHO China and Niu Gensheng, founder of Mengniu Dairy.

Gates and Buffett have urged American billionaires to give away most of their fortunes to charity. The pair say they will not be making similar requests of the Chinese businessmen, but will simply urge greater philanthropy.

There are at least 875,000 U.S. dollar millionaires in China, according to Shanghai-based analyst Rupert Hoogewerf. The country's average income was $3,600 a year in 2009.

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People are willing to work. If only these rich guys can create employemt in all the poorest state, that will be a blessing. Business creation is needed.

September 29 2010 at 2:37 PM Report abuse rate up rate down Reply

The wealthy Chinese businessmen are smarter than Gates and Buffet. They know that the best way to help people is to keep on doing what they are doing. When they create wealth in their businesses, they also help others. How did Gates and Buffet amass their fortunes? It wasn't given to them. Giving away lots of money may make Buffet and Gates feel good, but it does nothing to really help the poor. The poor need the opportunities provided by the free market, not handouts.

September 29 2010 at 12:39 PM Report abuse rate up rate down Reply

Who are Gates and Buffet really working for? I get the impression that it is not the USA.

September 29 2010 at 10:36 AM Report abuse +2 rate up rate down Reply