India’s richest are not following Azim Premji’s example in philanthropy

With Wipro chairperson Azim Premji giving away 34% of his shares in Wipro, estimated to be worth $7.5 billion, on March 13, his contribution to philanthropic causes now stands at $21 billion, a wide lead over his fellow Indian billionaires.

Premji single-handedly makes up for 80% of the large contributions (more than Rs 10 crore) by individuals since 2014, as per the Bain Philanthropy Report 2019.

If Premji’s contribution is taken out, philanthropic donations by India’s ultra-high net worth individuals (UHNI), which the report defines as individuals with a net worth of more than Rs 25 crore ($3.6 million), actually reduced by 4% from 2014 to 2018. This is despite the fact that the number of UHNI households grew 12% over the last five years, and is expected to double in both volume and wealth by 2022, the report estimates.