Australian Billionaire Bequeaths Most Of Fortune To Charity

Editorial Staff

18 December 2018

Australian businessman Stan Perron, who died in November, has left the majority of his $2.8 billion fortune to charity, following a recent trend of multi-million bequests by entrepreneurs to causes around the world.

The 96-year-old’s funeral service was held last week.

Before his death Perron had written in a statement that he would leave the "greater majority" of his wealth to his namesake organisation, the Stan Perron Charitable Foundation, media reports said.

"I have accomplished my boyhood goal and have provided for my family, but, far beyond this achievement, I am in the very fortunate position of being able to give back to others who are disadvantaged, and make a difference in their lives," Perron wrote.

The charity focuses on children's health in Western Australia and will now be overseen by Perron's daughter, reports said.

Perron grew up in poverty and slowly amassed his fortune, going from running milk bars and a taxi service in Perth, to operating office blocks, car distribution, and mining interests all around the country.

Earlier in December, the chairman of a Hong Kong business conglomerate donated RMB200 million ($29 million) to a Chinese university. The money from Lui Che-woo, chairman of K Wah Group and director of Lui Che Woo Charity, will be used for providing better research and teaching facilities, as well as supporting the development of medical, pharmaceutical science and other related disciplines for the university.

Recent weeks have seen examples, such as that of media tycoon and former New York City mayor, Michael Bloomberg, pass on big sums to academic institutions. In Bloomberg’s case, he is giving $1.8 billion to John Hopkins University. The amounts involved in modern philanthropy, even allowing for inflation compared with the era of the Rockefellers, Mellons and Guggenheims, are huge.

In May last year, 14 billionaires said that they had signed the Giving Pledge, formally joining the 154 other billionaires who have pledged to transfer at least half of their vast wealth to philanthropic causes. The Giving Pledge was started in 2010 by Bill and Melinda Gates, and Warren Buffett (source: CNBC, May 31, 2017). At that time, the Gateses were worth a collective $88.5 billion, and Buffett worth $74.2 billion.

In September, Chinese e-commerce tycoon Jack Ma, co-founder of Alibaba and China’s richest man, said that he was retiring from the company to focus on philanthropy. Alibaba is China’s largest corporation and, with a listing on the New York Stock Exchange, is currently valued at $420 billion. (Ma started getting involved with philanthropy several years ago.)