BUFFET, GATES TO URGE RICH INDIANS TO DONATE WEALTH

NEW YORK: Philanthropist billionaires Bill Gates and Warren Buffett will approach rich people in India and China to urge them to donate at least half their wealth.

The move is part of Gates-Buffett initiative, launched in June, that originally aimed at asking American billionaires to pledge that their wealth would be donated either during their lifetime or upon death. The two now plan to take the idea beyond the US borders. "Buffett said he and Gates in coming months will meet with wealthy individuals in China and India to talk about the pledge in the hopes of adding more names from outside the US," The Wall Street Journal said.

On Wednesday, 34 people joined six billionaires, including Gates and Buffett, who have taken the pledge. They included New York mayor Michael Bloomberg, director George Lucas, David Rockefeller, and media mogul Ted Turner. US has 403 billionaires —the most in the world, and New York tops the list within the country. The number two spot is taken by to China, which is followed by Russia. This year, the Forbes list of the richest people features two Indians in the top ten.

Industrialist Mukesh Ambani is at the fourth spot with a networth of $29 billion, followed by steel tycoon Lakshmi Mittal who has a networth of $28.7 billion. Although China has larger number of billionaires, ten of Asia's top 25 rich are from Indian, while China has one. These include Ambani and Mittal in the top two positions, along with Azim Premji ($17 billion), Anil Ambani ($13.7 billion), Shashi and Ravi Ruia ($13 billion), Savitri Jindal ($12.2 billion), Kushal Pal Singh ($9 billion), Kumar Birla ($7.9 billion), Sunil Mittal ($7.8 billion) and Anil Agarwal ($6.4 billion).

Gates with a networth of $53 billion is the second richest man in the world. Buffet comes in third with $47 billion and has pledged to donate 99% of his wealth.