Who said America no longer excels? Bill Gates, Warren Buffett have followers in China

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clipped from blogs.wsj.com

When Bill Gates and Warren Buffett recently called for all billionaires to give away half of their wealth, Wang Zhenyao thought China should have a similar formula. We need a Bill Gates and a Warren Buffet in China, Wang says.

Wang, the head of China’s first philanthropic research institute, is calling on all Chinese billionaires to donate a million yuan a year to charity. Wang says multimillionaires should give a hundred thousand yuan annually.

The Chinese Civil Affairs Development Report shows that the Ministry received 6.86 billion yuan (just above $1 billion) in donations in 2009, reports a recent China News article.

Some rich Chinese people have already answered Wang’s call to donate money. Whether a Chinese Bill Gates will emerge remains to be seen.

– Chris Carothers, with contributions from Kersten Zhang

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