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Billionaire Donations Soar in China Push for ‘Common Prosperity’

  • President Xi Jinping has been emphasizing social equity
  • Tech billionaires contribute major philantrophic donations
Hong Kong Dollar, Chinese Yuan and US Dollar Banknotes As Currency Peg Intervention From HKMA Continues Into Third Day
Photographer: Paul Yeung/Bloomberg

Seven Chinese billionaires have directed a record $5 billion to charity so far this year, according to data compiled by Bloomberg News, a sum that exceeds by 20% total national giving in 2020. Their pledges, whether through corporate interests, foundations or personal wealth, arrive as President Xi Jinping pushes for “common prosperity,” a sprawling campaign to close the country’s wealth gap. 

Xi has emphasized wealth redistribution within China, referring to “common prosperity” goals at least 65 times in speeches and meetings this year, more than double the 30 mentions in all of last year.