April 22, 2010; Agence France-Presse | We’re not sure how his children are taking the news, but we’d like to offer a hearty “thank you” to 88-year-old Chinese tycoon Yu Pengian, who announced late last week that he’s donating the rest of his fortune to a Hong Kong foundation that bears his name. Speaking at a Shanghai news conference, the billionaire said, This will be my last donation. I have nothing more to give away. It will all be for charity, no part of it will be inherited by anyone, no part will be used to do business nor for investments.” Pengian’s foundation, which with this latest donation will be worth $1.2 billion, supports health, education and disaster relief. According to Agence France-Presse, since its start in 2003, it has underwritten over 150,000 cataract removal operations across China. While an act of selflessness on his part, he also hopes it paves the wave for other Chinese billionaires to follow his lead. Saying his fortune is a “drop in the bucket” to other super-wealthy Chinese, he adds “I have a point of view that is different from others.” Apparently Pengian won’t be alone in his efforts to make philanthropy China’s next growth industry. The French news service said Bill Gates announced last year he would start a campaign to encourage China’s super rich to become philanthropists.—Bruce Trachtenberg
Sign up for our free newsletter
Subscribe to the NPQ newsletter to have our top stories delivered directly to your inbox.