Indian wealthy class does no charity

Posted on May 31, 2010
Filed Under Blogging, General, India | 5 Comments

The ignoble wealthy class in India has been stingy, uncharitable and ungenerous, no doubt on that. They love stashing money, all for them, their family and the later four generations to come. Never about others, it is always the me-and-my-family attitude. How I hate this greedy, close-fisted mentality of our rich and getting-rich businessmen.

A report by Bain & Company on philanthropy suggests that India lags significantly behind developed nations in charity. While India’s charity contributions account for only 0.6 per cent of the GDP, it is as high as 2.2 per cent in the US and 1.3 per cent in the UK.

The number of wealthy Indians has been rising fast over the last decade, but they’re not ready yet to let go of their hard-earned cash, even for charity, says the study.

The number of so-called “high net worth individuals” in India has grown at about 11 per cent every year since 2000, possibly the fastest pace in the world, to more than 115,000 now.

Two industrialists, Reliance Industries’ Mukesh Ambani and Lakshmi Mittal, are among the five wealthiest individuals in the world, according to Forbes magazine.

Only 10 per cent of India’s charity funds come from individuals and corporates. The government accounts for 65 per cent the overseas aid agencies the rest. The Bain survey showed rich individuals contribute just 0.25 per cent of their net worth to charity.

Says Bain partner Arpan Sheth, Indians are not reluctant in giving cash to family, friends and household staff and religious organisations. What about charity to poor despite an estimated 40 percent of India’s 1.1-billion population living on less than $1.25 a day?

According to the study, the wealthiest social class has the lowest level of giving, just 1.6 percent of household income. Philanthropy in India needs a boost; this is without question needed considering the country’s escalating poverty and health issues.

We Indians really need to learn from generous and noble philanthropists like Warren Buffett who has given away some 82 per cent of his net worth. His children will not inherit a significant portion of his wealth as he intends to use it for the good of humanity. “I want to give my kids enough so that they could feel that they could do anything, but not so much that they could do nothing,” says Buffett. Do we have one Indian of this attitude?

Now what about Bill Gates? The American business magnate has the largest transparently operated charitable foundation in the world. As of 2007, Bill and Melinda Gates were the second most generous philanthropists in America, having given over $28 billion to charity.

It is time, we Indians realise that accumulating wealth is no way peace-giving and a boon for building a better India. Money is counterproductive – it prevents happiness to come, says an Austrian millionaire who is giving away his fortune that ‘made him miserable’. I remember here the passage from Ecclesiastes 12 – “and the dust returns to the ground it came from, and the spirit returns to God who gave it. Meaningless! Meaningless! says the Teacher. Everything is meaningless!” We come empty, we leave empty. Leaving you with this favourite verse of mine: Colossians 3:12 “Therefore, as God’s chosen people, holy and dearly loved, clothe yourselves with compassion, kindness, humility, gentleness and patience.”

ADIOS ~

Comments

5 Responses to “Indian wealthy class does no charity”

  1. Jinumon on June 1st, 2010 3:43 am

    I could not have better agreed with you on this that we Indians do no charity. Our rich are useless. They show no concern to the poor and dying. Look at people like Buffet who has given so much to the world. God Bless Them!!

  2. Sam on June 1st, 2010 5:15 am

    yes Jinu, you would be surprised to know that Buffett still lives in the same house he bought three decades ago for $31,500 and drives an old Lincoln Towncar..its a modest living for the world’s second richest man!!

  3. JJ on June 1st, 2010 11:57 am

    Charity? what r u talking dude. Our Indian rich will fight even for a rupee. So there is no way ever they will understand the meaning of giving. So forget about it.

  4. Will on July 5th, 2010 6:07 pm

    Hello Sam,

    Happy to see your’re blogging again. I thought you’d given it up!

    You weren’t on holiday in Swaziland were you?

  5. Sam on July 10th, 2010 6:59 pm

    Hey Will..long time no see :) ..was really busy and got caught up with a lot of works..mostly solving my $$$ ;-)

    how is everything there? really miss talking to yaa..

    SAM

Leave a Reply