Donations by self-made entrepreneurs have positive impact
Kim Bong-jin, founder and CEO of Woowa Brothers, is donating more than half his wealth to charity, according to the company, Thursday. Kim is expected to give away at least $500 million and become the first Korean to participate in the Giving Pledge, a global campaign comprised of billionaires who have promised to donate large amounts of money for charitable purposes.
The announcement came a week after Kakao founder Kim Beom-soo vowed to give away half of his wealth, purportedly amounting to more than 5 trillion won ($4.5 billion). These are moving stories like a ray of light in darkness amid the deepening bipolarization of wealth, and aggravated living conditions suffered by the underprivileged due to the persistence of the COVID-19 pandemic.
Participants in the Giving Pledge should have more than $1 billion worth in net assets and must promise to give more than half of their total wealth away ― either during their lives or after they die. It was started in 2010 by Microsoft founder Bill Gates and Berkshire Hathaway Chairman Warren Buffett. Prominent participants include Facebook founder Mark Zuckerberg and Tesla CEO Elon Musk.
Woowa Brothers, which created the nation's largest food delivery app, Baedal Minjok, said Kim and his wife Sul Bo-mi have been registered as the 219th members of the campaign. Kim's assets are estimated to surpass 1 trillion won including shares of Delivery Hero (DH), which he received when selling Baedal Minjok to the German company.
In a message posted on the website of the Giving Pledge, Kim said, "I was born to a poor family on a tiny island in the Republic of Korea. I even had difficulty in paying tuition fees for art college." Thanks to God's blessing and luck, he said, he accumulated his current wealth. He revealed a plan to use the money to help promote equality in education and boost the activities of culture and art organizations, and charities.
Kim has already donated more than 10 billion won to many charities including 7.1 billion won to the Fruits of Love. Kim is currently the chairman of the board of directors of the Woowa DH Asia, a joint venture firm between DH and Baedal Minjok, with the aim of targeting the Asian market. Asia's delivery market has been growing rapidly at more than 40 percent annually.
The two Kims share a common bond in that they are both from less privileged families and achieved business success by themselves without receiving any money from their parents. This may have enabled them to make such an "uneasy" decision to donate huge amounts. Only those who know the value of hard earned money may be able to spend it on worthwhile purposes. We expect their donations will have a far-reaching impact upon all of society, hopefully giving birth to many other donors.
The state and society should also back up the goodwill donations of the entrepreneurs. Tax and other administrative regulations in the way of donations should be eradicated to facilitate the potential giving away of wealth. The management of charitable and civic organizations should also be made more transparent so that more people can donate to them.
Kim Bong-jin, founder and CEO of Woowa Brothers, is donating more than half his wealth to charity, according to the company, Thursday. Kim is expected to give away at least $500 million and become the first Korean to participate in the Giving Pledge, a global campaign comprised of billionaires who have promised to donate large amounts of money for charitable purposes.
The announcement came a week after Kakao founder Kim Beom-soo vowed to give away half of his wealth, purportedly amounting to more than 5 trillion won ($4.5 billion). These are moving stories like a ray of light in darkness amid the deepening bipolarization of wealth, and aggravated living conditions suffered by the underprivileged due to the persistence of the COVID-19 pandemic.
Participants in the Giving Pledge should have more than $1 billion worth in net assets and must promise to give more than half of their total wealth away ― either during their lives or after they die. It was started in 2010 by Microsoft founder Bill Gates and Berkshire Hathaway Chairman Warren Buffett. Prominent participants include Facebook founder Mark Zuckerberg and Tesla CEO Elon Musk.
Woowa Brothers, which created the nation's largest food delivery app, Baedal Minjok, said Kim and his wife Sul Bo-mi have been registered as the 219th members of the campaign. Kim's assets are estimated to surpass 1 trillion won including shares of Delivery Hero (DH), which he received when selling Baedal Minjok to the German company.
In a message posted on the website of the Giving Pledge, Kim said, "I was born to a poor family on a tiny island in the Republic of Korea. I even had difficulty in paying tuition fees for art college." Thanks to God's blessing and luck, he said, he accumulated his current wealth. He revealed a plan to use the money to help promote equality in education and boost the activities of culture and art organizations, and charities.
Kim has already donated more than 10 billion won to many charities including 7.1 billion won to the Fruits of Love. Kim is currently the chairman of the board of directors of the Woowa DH Asia, a joint venture firm between DH and Baedal Minjok, with the aim of targeting the Asian market. Asia's delivery market has been growing rapidly at more than 40 percent annually.
The two Kims share a common bond in that they are both from less privileged families and achieved business success by themselves without receiving any money from their parents. This may have enabled them to make such an "uneasy" decision to donate huge amounts. Only those who know the value of hard earned money may be able to spend it on worthwhile purposes. We expect their donations will have a far-reaching impact upon all of society, hopefully giving birth to many other donors.
The state and society should also back up the goodwill donations of the entrepreneurs. Tax and other administrative regulations in the way of donations should be eradicated to facilitate the potential giving away of wealth. The management of charitable and civic organizations should also be made more transparent so that more people can donate to them.
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