New Billionaires In Emerging Economies Becoming Philanthropists; Ordinary Folks Not Outdone In Charitable Deeds

Istanbul, Turkey (AHN) - Booms in local stock markets have created billionaires in emerging economies like Turkey, India, Mexico and Russia. With their new wealth, the new billionaires are using their money to push for social changes while boosting their community standing.

In Turkey, the most prominent of the noveau riche is Hushu Ozyegin, who financed the construction of 36 schools and dormitories in poor parts of Turkey. Next to the state, he is the largest spender on education, with a $50 million tab on his name.

Similarly, Carlos Slim, a telecommunication businessman in Mexico worth over $50 billion, spends billions through two foundations providing funds for educational and health projects. Russia's richest man Roman Abramovich spent over $1 billion of his personal fortune on school buildings and hospitals.

Jane Wales, president of the Global Philanthropy Forum, explained to the International Herald Tribune, "What we are seeing in these countries are people emerging from the private sector with tremendous wealth who are attracted to highly strategic philanthropy.

But the spirit of generosity is not limited to billionaires. A study released this month by the Center on Philanthropy at Indiana University said 6 of 10 American families regularly give to charity. On the average, American families donate $2,045 annually.

In 2006, over $223 billion donations were made by families and individuals, while charitable organizations, foundations and corporations upped the total figure to $295 billion.

Another study by the Nuveen Investments in Chicago discovered people contribute to charity because they want to share their good fortune, while they support community-based programs and advocacies they feel passionate about.