Published : Dec. 9, 2015 - 17:21
The season for giving has come. A “Thermometer of Love,” a giant mock thermometer board showing how much people have donated to charity, stands at the center of Gwanghwamun Square in the heart of Seoul. Bells jingle around red charity pots and resonate through bustling streets.
Despite the nation’s protracted economic recession, giveaways from individuals, organizations and companies to help underprivileged people in society show no signs of abating.
Recent news of a major philanthropic donation pledged by Facebook founder Mark Zuckerberg and his wife captivated readers.
In their announcement, the couple vowed to give away 99 percent of their Facebook shares, about $45 billion, equal to roughly the gross national product of Greece.
The couple hoped their money would be spent on building a “better world” for their daughter and all children.
Although there is controversy over why the donors would entrust their stocks to a profit-seeking entity, not a foundation, the philanthropic scale is so huge that the decision is nonetheless drawing positive responses.
Zuckerberg, the world’s seventh-richest man, is not the first billionaire philanthropist. There have been many “rainmakers” in the United States. To name a few, the late steel magnate Andrew Carnegie spent his fortune on developing education and culture, Microsoft founder Bill Gates established a foundation to fight against disease and hunger in Africa, and investor Warren Buffett has promised most of his wealth to philanthropic causes.
In Korea, too, there are a number of business tycoons who have joined the ranks of rich donors.
They donate parts of their fortunes, found organizations to support for poor children, the disabled or other underprivileged people, or have their companies pour money into engaging in corporate social responsibility.
Despite such efforts, however, donations by Korean tycoons have failed to elicit public respect, unlike Gates, Buffett and other foreign superrich.
In a survey in October, conducted by a local daily on college students, no Korean businessmen featured on the list of the 10 most respected people.
One of the reasons may be doubts among the public over whether Korea’s richest people amassed their fortunes in a legitimate and ethical way.
We also have witnessed some tycoons suddenly disclose their plans to set up a charity foundation or donate part of their assets as an apparent move to earn public sympathy ahead of legal proceedings for their wrongdoings.
In addition, the public respect Korean billionaire businessmen less as they have participated in philanthropic activities with their company funds, not with their personal wealth, inviting some criticism that their donations are just a show.
A report from Korea’s largest charity organization, the Community Chest of Korea suggests that about 70 percent of contributions the foundation received came from corporations, while individual donors remained at less than 30 percent.
It is very regrettable that in Korea’s charitable history, there were few business tycoons who have declined to hand over their astronomical wealth including their conglomerate to their offspring, and promised all they have to be used for charitable purposes.
It may be glorious to live rich, but Carnegie said, “The man who dies rich, dies disgraced.”
Now, the nation needs to form a society in which rich entrepreneurs are respected properly, because wealth gained in a just and fair manner should not be a target of scorn.
Anticipating more and more donations to come from all walks of life during this charity season, I wish for Korea to have rainmakers like the U.S.’ respected billionaires for their good deeds.
By Shin Yong-bae
Shin Yong-bae is the business editor of The Korea Herald. He can be reached at shinyb@heraldcorp.com. — Ed.