Chinese billionaire shows how it's done; gives entire fortune to charity

[sixmile]

http://www.tonic.com/article/chinese-tycoon-donates-a-billion-dollars-to-charity/



'China's Yu Pengnian made a fortune in real estate, and now he's giving it back. The 88-year-old tycoon has slowly been transferring his wealth to his Yu Pengnian Foundation, and now he's gone the final step, pledging his final $470 million in cash and property to the charity.

This makes $1.2 billion he has put into his charity since he opened it in 2003, according to China Daily.

"This will be my last donation. I have nothing more to give away," he said at a press conference announcing the final donation.

The Yu Pengnian Foundation funds cataract surgeries for people in China. More than 150,000 surgeries have been performed in the last seven years. It also provides other monetary support for people in China's poorest regions.

Yu has several children, none of whom will inherit any of his fortunes, a move he says his children agree with. "If my children are more capable than me, it's not necessary to leave a lot of money to them. If they are incompetent, a lot of money will only be harmful to them," he said.

Yu started out poor, and suffered from cataracts, which inspired him to start his charitable foundation.'

[wolfgangmo]

1. Sam Walton he ain't.

[Jkid]

2. And he's going back to poverty.

If that is not the most honorable thing I read, I don't know what is.

[ZeitgeistObserver]

3. Well, I'd say 'stupid', but that's just me.

[RaleighNCDUer]

4. Well, it's not like he's going to take it with him.

No doubt he made provision to live in his house until his death, at which time the charity will take possession.

If he has no income, but has food and shelter guaranteed for his final years, what else does he need?

[ZeitgeistObserver]

9. Leaving nothing to his children or grand-children,

yeah, very bright.

He's only 88.

[Shell Beau]

12. Maybe he is giving it to more needy people.

[ima_sinnic]

13. your remark is asinine

but that's just me.

instead of lauding him for his extreme generosity, and for teaching his children the wisdom of earning their own way in the world, you call him "stupid."

I guess the Walton family is your idea of people with class.

Just think, if he'd been "smarter," he would have made several more billion instead of only the few billion he did.

[ZeitgeistObserver]

15. So it was all just a game?

Just like on Wall St?

Amazing what people will support.

[RaleighNCDUer]

16. Only 88?

I will count myself lucky to get within a decade of that many years. I don't care where you live - 88 is OLD. It is well above the statistical norm in every country in the world. Sure, a lot of people live past that age, but the VAST majority never see it.

I don't get your gripe - he wasn't leaving anything for YOU in any case.

[ZeitgeistObserver]

18. Yes, only 88. A kid.

The United States currently has the greatest number of centenarians in the world, estimated at 96,548 on November 1, 2008. <1> The U.S. number is partly a function of America's large population in 1890–1910, large farm population a century ago, and an increased emphasis on long-term care facilities.

Japan is second, with 36,276 in September 2008.<2> Many experts attribute this (and Japan's very high life expectancy) to the Japanese diet, which is particularly low in fats, and to hygienic practices. In addition, five times the rate of Okinawans live to be 100 than the rest of Japan.<3> In addition to diet, there are four other factors that have been found to increase the life expectancy for Okinawans, as noted later in the "research into centenarians" section of this article. <4[br />
http://en.wikipedia.org/wiki/Centenarian#Current_incidence

There are about 200,000 around the world, and many people older than that. And the numbers will rise.

[quiet.american]

5. Wow. Beautiful. nt

[OneTenthofOnePercent]

6. Evidently, when Warren Buffet dies he is giving nearly all of his Billions to charity.

That's alot of F'in money. Supposedly it's the Gate's charity.

[Flipper999]

7. Huh!

I'm pretty impressed

[NewJeffCT]

8. Wow, even his kids get nothing

Yu has several children, none of whom will inherit any of his fortunes, a move he says his children agree with. "If my children are more capable than me, it's not necessary to leave a lot of money to them. If they are incompetent, a lot of money will only be harmful to them," he said.

[mainer]

10. Wonder what his kids REALLY think about it

Money is more than just money when it comes to an inheritance. For a lot of people, it signifies how much your parent loves you. I think most of us, if we stopped to think about it, would feel hurt if our parents cut us out of any inheritance and gave all their money to, say, the local dog pound instead. No matter how much we may love dogs.

[Robb]

11. Just a guess, they're probably OK

Children of extraordinarily wealthy people tend to have every possible leg up given to them as they go along, from education onward.

As likely as not, they are independently wealthy and successful, possibly more so than dad.

Just speculation, of course.

[RaleighNCDUer]

17. And at the least, they probably have their homes bought and paid for.

As he said, if they have the capacity to handle that kind of money they don't need any of his. If they don't, his money would probably be their ruin.

Sounds like a wise man.

[Mopar151]

14. A wise and noble family

I'm bettin' they are already well set up, established in business. The thing is, this strategy is strikingly similar to those advocated by Irving Blackman, as the best way to pass on an estate and avoid inheritance taxes.
http://www.pfonline.com/columns/0109tax.html