Accelerate Indian Philanthropy (AIP) — a non-profit organisation that works to promote and catalyse personal philanthropy in India, in partnership with Boston Consulting Group (BCG), have released their report titled “Wealth with Purpose: A Report on Private Indian Philanthropy”.
More than 100 ultra-high-net-worth individuals (UHNIs) were contacted in this extensive study to explore their motivations, challenges, strategies, and decision-making processes across various stages of giving.
These UHNIs represented wealth segments from Rs 200 to 2,000+ crore.
The report celebrates Indian philanthropists’ impact while advocating for increased and more strategic giving.
It recommends deeper engagement with causes, systematic approaches, and key strategies like institution-building, innovation, government collaboration, long-term planning, grassroots capacity building, and knowledge-sharing to enhance philanthropic effectiveness in India.
Drawing on views from a wide range of sources, including industry leaders, philanthropists, and social impact specialists, the report offers a detailed analysis of India’s philanthropic ecosystem.
The paper provides Indian wealth creators with a path for maximizing their charitable influence and fostering social change, based on extensive research and real-world case studies.
The following crucial topics were emphasized in the report:
Changing the culture of philanthropy: Young first-generation wealth creators in India are leading the transformation in philanthropy from traditional giving to strategic and meaningful participation. Their focus is on long-term solutions and experimental models for scalable effect.
Significant potential for philanthropic capital: Ninety percent of respondents said they would like to give more to charity, and UHNIs could give more than Rs 75,000 crore a year by contributing just 5% of their increased wealth, compared to the current contribution, which could be more than three times what is currently given in India.
The three categories of the TIE model of philanthropy are Treasure (financial resources), Involvement (time, talent, ties), and Evangelisation (advocacy and influence). This model emphasizes the significance of holistic engagement for meaningful and long-lasting impact.
Cooperation and ecosystem building: It has been determined that cooperation plays a critical role in increasing the impact of philanthropy. Through knowledge exchange and cooperative efforts, the ecosystem as a whole is strengthened and the influence’s magnitude is increased.
Diverse philanthropic archetypes: Throughout their philanthropic journey and giving, inspiration seekers, cause advocates, emerging donors, core givers, strategic enablers, and rainmakers are the six unique philanthropic archetypes identified by the study in India.
Key developments in the philanthropic industry include early engagement, the growing significance of scale, early philanthropic participation by the younger generation, support for many causes, and an evolved philanthropist’s preference for direct grant-making.
Obstacles to giving: According to 30% of respondents, there are three obstacles to giving: personal ones like time limits and the idea that CSR efforts are adequate; motivational obstacles such not finding the proper cause and low effect perception. Up to 60% of respondents point out structural problems, such as information gaps, difficult procedures, and challenges with regulations and reputable organizations. Beliefs like keeping money for future generations and a lack of social acknowledgment are examples of cultural problems. The upcoming generation, however, exhibits greater willingness to participate in charitable giving and decision-making.
“Philanthropy can play a catalytic role in driving India’s economic and social transformation,” stated Ashish Dhawan, Founder-CEO of The Convergence Foundation and AIP Core Founder. “Our vision, through AIP, is to collectively accelerate philanthropy towards that end.”
“The development of a strong charitable culture in India is a significant positive trend that this research emphasizes. In order to help us achieve our goals, the research identifies six such philanthropic archetypes, each with a unique set of incentives. “I sincerely hope it spurs revolutionary contributions,” stated Neeraj Aggarwal, BCG’s Chairman for Asia-Pacific.
“Through their charitable endeavors, India’s UHNIs are in a unique position to spearhead the nation’s social and economic transformation. According to Amitabh Jaipuria, CEO of Accelerate Indian Philanthropy, “This report serves as a guide for UHNIs to understand the evolving landscape of philanthropy, recognize their potential impact, and adopt strategies that can contribute to India’s transformation.”
Catalyzing social and economic change can be achieved through strategic philanthropy.
In order to harness the transformative power of personal philanthropy and contribute to the creation of a healthier, more educated, and prosperous India where every Indian has an equal chance to realize their dreams, AIP and BCG are promoting and celebrating inspirational philanthropy.
