Chinese Philanthropist Chen Guangbiao Joins Gates|Buffet 'The Giving Pledge'

Warren Buffett and Bill Gates have created a philanthropic stir fry in China, inviting a ‘select group’ of the nation’s ‘business elite’ to a ‘private party’ in Beijing.

Some of the invitees have already declined to attend the dinner under fears they will be pressured on the spot to donate 50 percent of their wealth to charity, making a promise to The Giving Pledge. 

Gates and Buffett are leading the $600 billion challenge, encouraging the 400 wealthiest Americans, based on the annual Forbes list, to pledge at least 50% of their net worth to charity during their lifetimes or at death. CNBC estimates that 50 percent of the Forbes 400 $1.2 trillion would be $600 billion.

Well-known Chinese businessman Chen Guangbiao, who has been called China’s top philanthropist, says he will make the Giving Pledge. The founder of Jiangsu Huangpu Renewable Resources Utilization Co Ltd said in his letter to Gates and Buffett that he is motivated by those who refuse to dine with America’s biggest philanthropists.

“It’s a noble and great move to return your fortune to the world when you are about to leave. Shameful the other way if you die with it,” Chen said in the letter. “So I will donate all my property to philanthropy instead of just half of it when I’m leaving.”

Presently, Chen Guangbiao’s company sets aside 40 percent of its ‘turnover’ for charity every year. via Asiaone

More reading: 40 Richest Families Sign Gates-Buffett Giving Pledge The Chronicle of Philanthropy

Rich on Junk: (Chen Guangblao) Beijing Review