The Hurun Research Institute today released Hurun Philanthropy List 2017, a ranking of the 100 most generous individuals from Mainland China. Here are our key takeaways from the research:
- The trend for the country's wealthiest property developers, finance and technology tycoons to make big charitable donations continues. This year, a total of USD 2.35 billion was donated by the top 100, with the average donated amount of USD 23 million.
- However, despite China’s growing wealth, charity donations from the country’s super rich have been almost stagnant. The threshold for making the list (US$2.2 million) remained unchanged in the past decade, even though Hurun’s net worth threshold for making its Rich List nearly tripled from RMB 7.5 billion (about US$1.1 billion) to 22 billion yuan (about US$3 billion) last year.
- The value of elite Chinese philanthropy is just 4 percent of what it is in the United States. The lag in charitable giving has also been attributed to mistrust due to lack of transparency from organizations.
- More donations are being made to overseas charities. The latest report showed that six Chinese philanthropists each donated at least 10 million RMB to overseas organizations.
- Universities are the big winners. 44 percent of donations in 2017 were made to universities, up from 23 percent three years ago. Hurun report Founder, Rupert Hoogenwerf said "China's billionaires felt they could make a difference to society through education, whereas donations to medicine or the environment had greater difficulty in showing results or risked being caught in government red tape".
You can view the full report here.