While China’s rapid economic growth has minted hundreds of billionaires, only 8 percent of them have donated at least $80 million to charity during their lifetimes, Barron’s writes, citing the latest Hurun Report on Chinese philanthropy.
Of the 630 billionaires of Chinese origin around the world, 51 have reached that giving threshold, only 25 of them from mainland China. The biggest donors on the Hurun list are internet moguls Jack Ma and Pony Ma, investor and industrialist Li Ka-shing, and Priscilla Chan, the wife of Facebook co-founder Mark Zuckerberg, each of whom has given away more than $1.5 billion.
China’s wealth is relatively new and many of the country’s business titans have not yet thought about how and where to give it away, Barron’s says. The lack of a philanthropic infrastructure like that of Western nations also inhibits giving, a circumstance that could change this year as China implements its first charity law. Among other provisions, the new regulations make easier for nonprofits to raise money and for donors to claim tax breaks.
Read a Chronicle of Philanthropy interview with Priscilla Chan about her and her husband's $45 billion philanthropic enterprise, the Chan Zuckerberg Initiative.