China economic rise in the last few decades has landed more billionaires in the billion-strong nation than any other nation, but the largest country in the world has the lowest giving rates.
"CHINA IS NOW HOME to more billionaires than the United States, Beijing home to more ultra-wealthy than New York City. But the conspicuous reach of Chinese wealth extends much farther. As with previous waves of Middle Eastern oil sheiks or Russian oligarchs, rich Chinese entrepreneurs are engaging in iconic real estate acquisitions from London through Paris to Vancouver and, increasingly, in Boston. Their investment, triggered by China’s slowing growth rate, falling currency, and changing capital controls are transforming neighborhoods in cities around the world.
"The amount of wealth created in China over the past two decades staggers the mind, as 1 percent of China’s population now holds one-third of the nation’s wealth. Yet China ranks 144 out of 145 countries in terms of giving, according to the UK-based Charities Aid Foundation’s World Giving Index. What explains this striking philanthropic gap? What do the newly rich of China intend to do with their newfound wealth? What values do the super-wealthy bring along with their bank accounts? What norms and priorities do they support? Is there a sense of recognizable noblesse oblige, or less a focus on investing in one’s local community? What else can be learned from Chinese investment abroad?"--Edward Cunningham, the Boston Globe