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First generation entrepreneurs give more than traditional rich: Gates

Posted by on March 24, 2011 0 Comment

New Delhi, March 24 (IANS) Self-made billionaire Bill Gates Thursday said it is the dynastic rich, and not first-generation entrepreneurs, who have reservations about parting with their wealth for charitable endeavours.

“Our experience world-wide is that first generation wealth is actually more generous than dynastic wealth. The biggest givers are those who are receiving first generation wealth,” said Bill Gates said at a packed joint press conference with legendary investor Warren Buffett.

Gates, along with his wife Melinda and Buffett arrived in the Indian capital Thursday to a packed schedule that mainly concentrates on their philanthropic efforts.

Having themselves endowed around $60 billion between them, Gates and Buffett said there some considerable enthusiasm among the rich and the famous Indians they met here, comprising of first generation entrepreneurs to a large extent, to share their wealth with the less fortunate.

“We heard it from a lot of people who had made their money that they are very interested in giving it back to society,” Melinda Gates added after an exclusive dinner which aimed to woo people towards philanthropy.

The Forbes list has placed Bill Gates, 55, the second on its list with a net worth of $56 billion, while Buffett, 80, was ranked next with $50 billion.

On his maiden visit to India, Buffett who was among the key attractions of the pro-philanthropy dinner, “We met a number of first class people tonight. There was a level of candour, a level of participation that was dramatic.”

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