March 22, 2012; Source: Economic Times
The Annual India Philanthropy Report 2012 reveals that people under 30 may be driving the wave of new philanthropy in India. The report, based on a survey of 400 high net worth individuals located in Delhi, Mumbai, Hyderabad and Pune, finds that more than a third of the high net worth individuals that give to philanthropy are under 30. Not only do the donors represent self-made entrepreneurs and senior executives in multinational and Indian firms, but they also include “next generation” donors from business families.
In fact, 69 percent of the philanthropic families surveyed reported having a youngster taking the lead in the family’s charity decisions. In addition to the face of this giving looking different, the recipients of the families’ philanthropy have also changed. According to the report, for instance, younger donors largely prefer to give to NGOs—particularly those working in education—and private foundations over local religious organizations or less formal enterprises. For those interested in a deeper dive, the full report is available here. –Ruth McCambridge