Wealth Outpacing Philanthropy in India

December 30, 2010 at 7:11 PM

India’s rapidly expanding roster of billionaires is still on the spot following software mogul Azim Premji’s huge gift earlier this month. The AFP reviews some of the criticism the subcontinent’s wealthy are receiving:

India’s booming economy — expected to grow 8.5 percent this year — minted 17 new billionaires in 2010, driving the national total to a record 69, according to Forbes magazine…But philanthropic activity has failed to keep pace, partly, [Arpan] Sheth believes, because the rapid accumulation of individual wealth is a still a relatively new phenomenon.

This is not the first of such criticism noted here. For my part, I’ve argued before that this is part of a first world economy’s maturation; the Unites States had its robber barons before its Carnegies and Mellons. My guess is Premji will prove a first among many great Indian philanthropists to follow. In fact, Premji leads Forbes India’s list of seven corporate moves to watch for.

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Entry filed under: International.

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