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

INSUBCONTINENT EXCLUSIVE:
fallen sharply to Rs 4,230 crore in FY22, from Rs 11,821 crore the previous financial year, according to the India Philanthropy Report 2023
by Dasra and Bain - Co, which was released on Wednesday. The report says that the dramatic fall, almost by a third, was due to the fact
that contributions by the Azim Premji Foundation dropped by Rs 9,000 crore due to a share buyback of Wipro, which helped the foundation to
FY21. And the fall in the quantum of philanthropic contributions, the report says, has taken place despite the fact that UHNI net wealth in
India went up by 9.2 per cent in FY22, with the top level of those with a wealth of Rs 50,000 crore witnessing 19 per cent growth. The
report shows that overall private philanthropic growth has been stagnant, with the total giving of Rs 105,000 crore in FY22 the same level
as in FY21
The good news is that corporate social responsibility (CSR) spending has gone up by 5 per cent over FY21, to Rs 27,000 crore
Moreover, contributions by high networth individuals (with wealth of Rs 200 crore-1,000 crore) and affluent people were up by 11 per cent
over FY21, while retail giving rose by 17 per cent over FY21
However, foreign funding has fallen from 21 per cent of total contributions in FY17 to 14 per cent in FY22. But the biggest fall was in the
giving away as much of their wealth as their counterparts do in the US, UK and China
The average contribution of UNHIs in India was only 0.06 per cent of their networth, compared to 1.37 per cent in the US, 0.33 per cent in
contributions in FY22 were merely 0.04 per cent of their networth, compared to 6.07 per cent in the US, 1.34 per cent in the UK and 2.15 per
the US where the focus is slowly shifting away from them
The report says that a sample of the UHNI givers surveyed revealed that 70-75 per cent of them contribute at least a share of their total
contributions towards education or healthcare. In sharp contrast, philanthropy in developed countries is more varied, with only 40 per cent
to 45 per cent of givers contributing to education or healthcare.