Philanthropists donate less as economy slows

Huang Rulun, 62, chairman of Beijing-based Century Golden Resources Group, is China's most generous philanthropist, after donating $92 million last year, taking his donations to $550 million over the past decade.

Huang was China's most generous philanthropist back in the inaugural 2004 Hurun philanthropy list, and has been in the top five in the annual list ever since.

Much of his money has gone to education, mainly for the construction of schools, and he made a sizeable contribution to Fujian Science and Technology Museum.

Huang has a personal fortune estimated at $2.4 billion, ranking him at 46th on the Hurun Rich List 2012.

Second on the list is property developer Yang Xiu, 52, chairman of Nanjing Tiandi Group, on account of his giving $63 million to his alma mater, Nanjing University, to mark its 111th anniversary. It is the fourth time Yang has appeared on the list in the past decade.

"My dream is to establish a school, especially an engineering college," he said in a previous interview with the local newspaper Yangtze Evening Post.

"But it is impossible to totally rely on myself. I need to work with a leading comprehensive university. That's why I thought about my alma mater Nanjing University. "

Cao Dewang, the most generous donor in 2011, donated a further $7.9 million to take his total donations to $800 million over the past decade.

In 2011, Cao donated 300 million shares in his listed company Fuyao Glass, with a then market value of $563 million, to his private Heren Foundation, named after his father.

Property is still the biggest source of wealth of China's top philanthropists, with the top three all property developers. Forty-three of the top 100 philanthropists come from the property sector, double that of the Hurun Rich List.

In a Hurun report highlighting the Chinese luxury sector, about 20 percent of respondents said philanthropy remains the second-most important way to give back to society, after the payment of taxes.

Related Readings

Philanthropy on rise in China: Bill Gates

Philanthropy becoming new status symbol for wealthy

China seeks to expand modern philanthropy

Philanthropy in China: Time for answers