Philanthropy by India’s super rich falls by a third in FY22, says report

According to the India Philanthropy Report 2023, the philanthropic contributions made by India’s Ultra High Networth Individuals (net worth of over Rs 1,000 crore), also known as UHNIs, declined from Rs 11,821 crore in the previous financial year to 4,230 crore in 22. by Dasara & Bain & Company, which was released on Wednesday.

The report said the dramatic drop, by about a third, was due to the fact that Wipro’s share buyback reduced contributions by the Azim Premji Foundation by Rs 9,000 crore, which helped the foundation access direct liquidity.

However, the report noted that excluding the Premji Foundation’s contribution, “Indian UHNI contributions have not kept pace with wealth creation” and are “below par with a 5 per cent contraction in FY22”. This is because, barring Premji’s generosity, everyone else’s UHNI contribution came down to Rs 3,843 crore in FY12, compared to Rs 4,041 crore in FY11.

And the decline in the quantum of philanthropic contributions, the report says, comes despite the fact that the net wealth of UHNIs in India grew by 9.2 per cent in FY22, a 19 per cent increase at the top level with assets of Rs 50,000 crore.

The report shows that overall private philanthropic growth has remained stable at the same level as in FY21, with total giving of Rs 105,000 crore in FY2012. The good news is that Corporate Social Responsibility (CSR) spending has increased by 5 per cent to Rs 27,000 crore in FY11. Further, the contribution of high net worth individuals (with assets of Rs 200 crore-1,000 crore) and affluent was up by 11 per cent in FY21, while retail contribution grew by 17 per cent in FY21. However, it has fallen from 21 per cent of the total contribution in FY2017 to 14 per cent in FY22.

But the biggest drop came in the share of UNHI in total charitable giving – from 11.4 per cent in FY2011 to just 3.8 per cent in FY22.


Clearly, Indian UHNIs are not giving away as much of their wealth as their counterparts in the US, UK and China. The average UNHI contribution in India was only 0.06 per cent of their net worth, compared to 1.37 per cent in the US, 0.33 per cent in the UK and 0.38 per cent in China in FY22.

In the Rs 1,000 crore to Rs 10,000 crore wealth band, the philanthropic contribution of Indian UNHIs in FY22 was only 0.04 per cent of their net worth, compared to 6.07 per cent in the US, 1.34 per cent in the UK and 2.15 per cent in China. in the same year.

Based on regional trends, India’s UNHI has preferred to focus on education and health, unlike the US, where the focus is gradually shifting away from them. In FY22, these two sectors accounted for 51 per cent of Indian UNHI. The report said that a sample of UHNI givers surveyed showed that 70-75 per cent of them contribute at least a part of their total contribution towards education or healthcare.

In contrast, philanthropy in developed countries is more diverse, with only 40 percent to 45 percent of givers contributing to education or healthcare.

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