China’s rich drag feet on Gates-Buffett charity meet

Only two of China’s super-rich have accepted an invitation to meet with US philanthropists Bill Gates and Warren Buffett, with others fearing they will be pressured to give to charity, according to a report.

Mr Gates and Mr Buffett, the two richest Americans, have called on their wealthy compatriots to give at least half of their assets to charity and plan to hold a September 29 banquet in Beijing for China’s super-rich.

China has the second-most billionaires after the United States, but only two businessmen have said they will attend the banquet hosted by software magnate Gates and investment baron Buffett, Xinhua news agency reported late Tuesday.

It also quoted Zhang Jing, spokeswoman of the Bill and Melinda Gates Foundation’s China office, as saying the group was “having difficulties confirming the attendance” of the roughly 50 wealthy invitees.

The Gates foundation’s China office has had to “repeatedly convince” those invited that the meeting would have no donation strings attached and that participants’ identities would be kept confidential, Zhang reportedly said.

AFP was unable to reach Zhang immediately for comment.

Mr Gates and Mr Buffett launched their “The Giving Pledge” project in June, aimed at convincing billionaires across the United States to give up most of their money – 50 per cent or more – to a good cause.

Just six weeks later, 40 wealthy individuals and their families, including CNN founder Ted Turner and New York City Mayor Michael Bloomberg, had pledged to hand over more than half of their fortunes.

Asked to confirm whether only two people had so far confirmed their attendance at the Beijing event, Gates foundation staff member Angel Deng told AFP: “It’s totally untrue.”

Ye Lei, director of the foundation’s China office, was this week quoted as saying Chinese tycoons would not be pressured by Gates and Buffett to cough up.

“They’re coming here to see whether in the future there might be some opportunities for cooperation or the establishment of a charitable coalition,” Mr Ye told the China Daily.

Last month, Mr Buffett said he and Mr Gates were coming to share their experience, adding: “And if they wish to take what we think is a good idea and run with it, we’ll be cheering.”

However, only one of those invited – entrepreneur and philanthropist Chen Guangbiao – has so far publicly answered the call to donate.