Magnate’s Gift Highlights Explosion in Chinese Giving

A Chinese tycoon’s giveaway of his entire fortune to his charitable foundation highlights the rapid advance of philanthropy among the country’s wealthy, The Wall Street Journal writes.

The property and hotel magnate Yu Pengnian announced last month that he would turn over his remaining $470-million to his foundation, bringing his total donations to $1.2-billion. According to the Hurun Report, which tracks wealth in China, Mr. Yu is the first philanthropist in mainland China to give away more than $1-billion.

Giving by China’s 50 biggest donors totaled about $1.2-billion last year, up from about $570-million in 2008, according to the article. The top 50 U.S. donors gave 75 percent less in 2009 than they did in 2008, according to The Chronicle of Philanthropy.

(A paid subscription is required to view the Journal and Chronicle articles.)