Gates, Buffett Will Promote Philanthropy to China's Rich

Hugh Collins
Updated

Bill Gates and Warren Buffett are scheduled to dine with Chinese businessmen Wednesday in a bid to promote philanthropy in the world's second-largest economy.

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The dinner will be held at a mansion, modeled after the baroque 17th century Chateau de Maisons-Laffitte in France, on the edge of Beijing, The Associated Press said.

Invitees include Pan Shiyi and Zhang Xin, chairman and CEO of property developer SOHO China and Niu Gensheng, founder of Mengniu Dairy.

Gates and Buffett have urged American billionaires to give away most of their fortunes to charity. The pair say they will not be making similar requests of the Chinese businessmen, but will simply urge greater philanthropy.

There are at least 875,000 U.S. dollar millionaires in China, according to Shanghai-based analyst Rupert Hoogewerf. The country's average income was $3,600 a year in 2009.

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