Even though, according to the World Bank, the average annual income in is only $2,230, "communist" China has 106 billionaires, second only to the US. Not to mention 500,000 millionaires. But due to ancient religious and family traditions and government interference, personal philanthropy is a radical concept.

According to the Wall Street Journal Asia, that trend is changing. Chinese business men like Li Ka-shing, Asia's richest man, is donating one third of his fortune or $10 billion to his foundation to fund charitable projects around the globe -- making it the third largest foundation in the world.

Other wealthy Chinese are following in his footsteps donating millions to address issues in agriculture, education and health care.

Concerned about the growing gap between the rich and poor, the Chinese government is becoming more accepting of the donations and it is almost mandatory that US businesses entering China take part in some form of community involvement.

However, unlike in the US, all donations must pass through the government and Chinese charities are not required to provide any information on their financials. This means that most people stick to politically correct causes like healthcare.

It will be interesting to see how China comes to define its own non-Western brand of philanthropy as the country’s wealth continues to grow.