Saturday, June 28, 2014

Eccentric Chinese rich guy tries to give out money and make headlines in New York City

Maybe you heard about the eccentric Chinese industrialist who pulled a charity stunt in NYC?

https://www.youtube.com/watch?v=yDH4C0B956Y
http://www.cnn.com/2014/06/25/world/asia/chen-guangbiao-profile/
While it was a generous action, instead of one posh NYC lunch for 200 needy folks (assuming $30/pers), a scalable, efficient charity like Second Harvest could have delivered 12K meals (60X impact). A businessman should know better, but I guess there are no headlines in that. Chen says his "wealth is limited" and he wants to inspire other rich people to give. For the record, his net worth is above $700M, so if that is limited, I think the rest of us are in deep trouble. Also, I don't think he needs to waste a plane ride over to NYC to preach to the choir - Americans are WAY more charitable on average than Chinese (US #5 in the World Giving Index vs. China #141 on par with Rwanda). Well China considers HK (#19) and Taiwan (#52) its territory too, so in that case their aggregate giving score would be a bit higher.

http://en.wikipedia.org/wiki/World_Giving_Index#2012_rankings
In 2009, 27% of China lived on less than $2/day (roughly the population of the US), so I don't think Chen has to go overseas to seek out the needy. And China now has 3/4 as many billionaires as the US (~300 vs. ~400), so their domestic pool of potential philanthropists is large too. No need to bring your antics here.

http://en.wikipedia.org/wiki/List_of_countries_by_percentage_of_population_living_in_poverty#Countries
http://www.scribd.com/doc/131764299/Average-Net-Worth-of-Billionaires-by-Country-The-2013-Hurun-Rich-List

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