When US billionaires Bill Gates and Warren Buffett held a meeting in China a few years ago to urge fellow billionaires to donate their fortunes to charity, some of their intended targets didn't bother to turn up. The no-shows sparked a fierce debate on social media: are China's super rich really so stingy? By some measures, they are. Total charity giving in China stands at just 4% of levels in the US or Europe, according to the United Nations Development Programme.
Chinese charities have been hit by scandal, and there is widespread mistrust of the private wealth on which much of the giving depends. But according to a new report from Harvard University and the Swiss bank UBS, the picture is far more complex. Donations from the top 100 philanthropists in China have tripled between 2010 and 2016 to $4.6bn (£3.6bn), according to the study.
Of the 200 wealthiest people in China, 46 have foundations. And two-thirds of the people surveyed by the study's authors had established or were planning to establish foundations.
Wang Bing, who has been called China's "most influential" philanthropist, says Chinese tycoons aren't stingy, they're just cautious. "Everybody in my circle wants to give," he tells BBC News. "There is a lot of money available that hasn't been donated. These people are smart. That's why they're rich. So, they're not going to give their money to just anyone. They want to donate to charities that are effective at what they do."
Asked how many such organizations exist in China, he says "very few". Mr Wang, 47, made his fortune on the stock market in the 1990s. After disappointing experiences donating to some agencies, he decided to start his own charity. In 2004, Mr Wang founded the Ai You Foundation, China's first registered private foundation, which started out helping sick and orphaned children. The country's top billionaires, including Jack Ma of Alibaba and Robin Li of Baidu, sit on the board of directors at Ai You.
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