Gates, Buffett Talk Charity With China's Wealthy

Sept. 30, 2010 — -- Two of the wealthiest men in the world -- Warren Buffett and Bill Gates, also known in China as "Ba-Bi" -- are there on a mission to talk to the super rich about how to give back to society.

At a mock, 17th century French chateau, Gates and Buffett, the world's third-richest man and chief executive of Berkshire Hathaway, wined and dined 50 of China's uber-elite Wednesday night.

"Overall, it was fantastic to see the energy and interest," said Gates, Microsoft Corp.'s cofounder, during a news conference today.

There were reports before the dinner that some billionaires had balked at the invitation for fear they'd get hit for big donations. Buffett emphasized that the two were not in China to seek donations but simply to talk.

"We have never asked anyone to stand up and sign something," Buffett said. "It's just not our style to do something of that sort."

Both men said the purpose of the dinner was to stimulate discussion on ways to give to charity if that's what the Chinese wanted to do.

"Whatever is being done to promote smart philanthropy, Warren and I want to be supportive of whatever is done all over the world," Gates said.

"Here in China, it's incredible that you're at a stage where these pockets [of philanthropy] are coming up," he said. "The thing that's unusual is that 30 years ago, there really weren't people of great wealth, so what you have is first-generation fortunes."

Buffett said patterns of giving were much more solidified in places like Europe, where there was considerable old wealth.

According to The Associated Press, the two may hold a similar event in India next year.