Are the wealthiest Indians inclined to do Philanthropic ventures?

By SiliconIndia   |   Wednesday, 29 September 2010, 06:19 Hrs   |    4 Comments
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Bangalore: Recently, 40 U.S. billionaires pledge at least half of their wealth to fix the world's ills and there was none inclined to do so in our country. If you have a close look at India's growing class of wealthy individuals' leaves no doubt that they have the capacity to be more active givers. Nearly 40 percent of the nation's wealth is controlled by the top 5 percent of India's households. Recent researchers found that wealthiest Indians control around 16 percent of the national wealth.

The recent news on technology czar Shiv Nadar's promise to donate 10 percent of his wealth for philanthropic ventures and Vineet Nayyar of Tech Mahindra's recent 30-crore rupees gift to the Essel Social Welfare Foundation are the few high-profile examples that we can draw from the recent philanthropic giving in India.

In 2009, over 42,800 U.S. dollar millionaires were added by India, taking the total number to 127,000 in the country. As the economy is continuing to grow, the number of millionaires is also likely to increase. There are over 115,000 high-net-worth individuals in India today. Since 2000, this elite group has grown an average of 11 percent annually. Between 2006 and 2007, the number of wealthy individuals in India surged by 23 percent, possibly the highest growth rate in the world. But Are the wealthiest Indians inclined to do Philanthropic ventures? Do not forget the fact that a healthier, better-educated population means a more secure and prosperous India.

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