New Breed of Billionaire Rises in Third World

Moguls turn into philanthropists to fund education, health care
By Jonas Oransky,  Newser Staff
Posted Dec 14, 2007 1:26 PM CST
Azim Premji of Wipro Corp. listens to Jeff Bezos and Steve Ballmer in Redmond, Wash., Wednesday, May 16, 2007. The India philanthropist is pouring billions into health and education. (AP Photo/Joe Nicholson)   (Associated Press)
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(Newser) – A new type of billionaire with a philanthropic bent for social causes is emerging from once-poor nations such as Turkey, India, and Mexico, the New York Times reports. The billionaires, who generally made their money through investment in surging local markets, draw comparison to American titans of old such as Carnegie and Rockefeller, the Times notes.

Becoming a billionaire is "a great feeling, but your responsibilities increase,” said Turkey's Husnu Ozyegin, who has spent more than $50 million to build 36 schools and girls’ dormitories in impoverished areas. “I’m giving away 2 percent of my net income every month,” he said. “I don’t think Bill Gates is doing that."