China’s rich give ‘generous’ gifts at Bill Gates, Warren Buffett dinner

Bill Gates and Warren Buffett received some “very generous” gifts during a dinner in Beijing with a small group of ultra-rich Chinese to promote charity, saying on Thursday that the event had exceeded expectations.

But neither man, two of the world’s richest people and keen philanthropists themselves, would give any details.

“As you know there are some people who’ve come out publicly and talked about (how) they’re going to do quite substantial philanthropy,” Microsoft founder Gates told a news conference, adding that two-thirds of the people they invited had showed up, that is some 50 people.

Buffett and Gates are urging American billionaires to give away at least half their wealth during their lifetime or upon their death by signing the Giving Pledge, which so far has 40 members.

Based on Forbes magazine’s estimates of wealth of the members, at least $150 billion could be given away.

Their dinner sparked intense media interest in China, and speculation the two would walk away empty-handed.

But they published an open letter ahead of their China visit saying they did not intend to force anyone in the country to give up their wealth.

“We did not pressure anyone obviously in China, and we never had the intention to,” said Buffett, the world’s third-richest man and chairman of Berkshire Hathaway.

The only rich Chinese person they confirmed had attended was movie star Jet Li, whose One Foundation is a partner of the Chinese Red Cross.
Chen Guangbiao, worth an estimated $440 million according to last year’s Hurun rich list, made a big deal about his attendance beforehand, and his efforts to get more Chinese tycoons to get involved in charity work and donate some of their wealth.

Gates said they may go to India next year to have a similar conversation with that country’s newly emerging band of rich.