Politics of Billionaires

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Politics of Billionaires

By Dr Arvind Kumar

A recent media report indicated that Bill Gates and Warren Buffett, the world's second and third richest people, are likely to visit India sometime in 2011 to approach a group of India's richest to enlist their support for and views on setting up fund-raising initiatives in India. Gates-Buffet duo has reportedly succeeded in the US in getting around 40 billionaires to commit to donating half their wealth in a Giving Pledge. Recently this duo has reportedly held a much-publicised dinner in Beijing with around 50 of China's richest business people. According to Forbes magazine, the top 100 Indians are almost as wealthy as the top 400 richest Chinese. Though both China and India are fast growing economies, yet both are faced with growing divide between the rich and the poor, and between urban and rural areas.

The Gates-Buffet mission is unclear as to what to do with donated funds. Businessmen always think of profits and even their philanthropy is a tool for publicity or USP to. The best course seems to be hand over all such donations to the United Nations which is already under-funded so that the UN through its specialized agencies can implement development programmes in different parts of globe to wipe out tears from every eye and bring smile on every face.

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