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|  | | | First Chinese Philanthropist to give $1 Billion USD | | | | |  88-year-old Chinese hotel and real-estate entrepreneur Yu Pengnian donated $1.2 billion USD* to charity, the first Chinese philanthropist to exceed the billion US dollar donation mark, even though he is only ranked 432nd on the 2009 Hurun Rich List. (Chinese version of the Forbes List)
Chinese families giving to charity is not unusual, but typically just a small percentage. Mr. Yu actually gave his entire fortune. All of it.
Mr. Yu had the offered the following comments:
- "This will be my last donation. I have nothing more to give away"
- "My fortune is just a drop in the bucket compared to them [other chinese billionaires] but I have a point of view that is very different from others, I will not leave my fortune to my children,"
- "If my children are more capable than me, it's not necessary to leave a lot of money to them. If they are incompetent, a lot of money will only be harmful to them".
- He added his children agree with him on this point.
Last week at Davos, Bill Gates, the world's wealthiest full time philanthropist said: "I'm certainly going to spend some time there [China] to spread the word about how I enjoy the work we do.... We'll sit down with people thinking about philanthropy".
* To be specific, he donated cash and assets with a combined value of $1.2B. His charity fund has $260 million in cash, and real-estate in Hong Kong and Shenzhen with current market prices of $1 billion. | |  | |
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| |  | | | | | Thats great news indeed. Thanks for positng. Yu's act is certainly out of the ordinary. Not keeping a penny for himself is something which could not have a parallel. His comments about not leaving a fortune for his kids is too good. |
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