The growth of personal wealth in China has sparked a surge in philanthropy in the world’s second-largest economy, with total giving quadrupling since 2009 to hit US$23.4 billion in 2017, according to new research from the Rockefeller Foundation and the Asian Venture Philanthropy Network.
China has the world’s largest concentration of billionaires—819—and its second-highest number of millionaires, as runaway economic growth over the last two decades has spurred on rapid wealth creation. Personal wealth in China has grown on average by 1,300 per cent this century.
Wealthy Chinese people are increasingly engaged on social and environmental issues, and are more engaged on global issues than previous generations, driving new investments in social outcomes, the AVPN said, while the Chinese government has lowered the regulatory barriers for registering some foundations and charities, making it easier for wealthy donors to establish their own philanthropic organisations.
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