Philanthropists Emerge in Poverty-Ridden Countries

A growing number of wealthy people in countries that have long been marred by poverty — such as India, Mexico, Turkey, and Russia — are turning to philanthropy, reports The New York Times.

Many new billionaires in those countries are using their wealth and status to push for social change.

One such example is Husnu M. Ozyegin, a banker who received $2.7-billion last year when he sold his stake in the institution he founded.

Mr. Ozyegin has directed more than $50-million of his money to aid education in Turkey. He explained, “If I can have an impact on one million Turkish people in the next 10 years, I will be happy.”

Other examples of such social-minded billionaires include Carlos Slim Helú of Mexico, a telecommunications entrepreneur who has pledged billions of dollars to aid health and education, Roman Abramovich, Russia’s richest man, who has given more than $1-billion to the impoverished Arctic area of Chukotka, and Azim Premji of India, who has established his own foundation to support elementary education.

While the gifts may still only make a dent in the serious needs of many of these countries, the trend does provide some reasons for optimism, say observers. Jane Wales, president of the Global Philanthropy Forum, told the newspaper: “What we are seeing in these countries are people emerging from the private sector with tremendous wealth who are attracted to highly strategic philanthropy.”

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