Editorials

Billionaires: Wake up!

(China Daily)
Updated: 2010-03-16 07:54

For the first time on the Forbes Billion-aires List, the number of Chinese billionaires ranks second in the world, following the United States and overtaking Russia. This impressive accumulation of the wealthiest Chinese is testimony to the imposing performance of the Chinese economy last year.

Of the 64 billionaires from the Chinese mainland in the 2010 list, 27 are new to the rankings. But while they celebrate their new worldwide fame, we hope they also spend a moment or two contemplating the role they should play in society.

The image of Chinese financial magnates has not been very tasteful these days. Compared to their foreign counterparts, many of the rich in China are less philanthropic.

To some extent, being rich in China is seen as leading a luxurious and wasteful life. There is also evidence that some of the rich acquired their wealth through unethical or unlawful means.

It is, therefore, our hope that the Chinese who have made their way into the Forbes Billionaires List this year set a good example for the rest of the rich nationwide by shouldering more social responsibilities.

They could win praise if they repay society in one way or another. By donating a portion of their fortune to a charity or spending in the name of a public welfare cause, they could mold a better image of the rich in our society.

In hindsight, the general public, including some wealthy individuals, did in fact respond well to the Sichuan earthquake two years ago and made substantial donations for relief efforts. What is now needed from the rich is for this giving spirit to be consistent.

(China Daily 03/16/2010 page8)