Shiv Nadar is India’s most generous billionaire but young guns have their hearts in the right place

• India has 119 people who donated more than ₹5 crore in FY23, and they gave away ₹8,445 crore.
• Mukesh Ambani is the third most generous man in India but his outgo fell by 8% as compared to last year.
• Gautam Adani gave 50% more than what he did last year to become India’s fifth most generous man.
• The top 10 list of most generous billionaires has two Nilekanis – Nandan and his wife Rohini.

Tech billionaires like Shiv Nadar of HCL Technologies and Wipro’s Azim Premji are a cut above the rest with their philanthropy – with size and scale. But young guns like Kamath brothers of Zerodha too are charting their own path by bringing in personal wealth and new causes like climate and sustainability, as per EdelGive Hurun India Philanthropy List 2023.

Nadar retained his title as the most generous billionaire in India. He and Premji are only two billionaires who donated over ₹1,000 crore in FY23. Most of Nadar’s philanthropic endeavours, who gave away ₹5.6 crore per day, are centred around arts and culture.

In fact, Nadar’s generosity is more than that of eight of his counterparts put together in the top 10 list, that includes India’s richest man, Mukesh Ambani. Premji is India’s second most generous man and his contributions went by 267% as compared to last year.

“This is attributed to a significant 400% rise in dividend payouts by Wipro in FY23. An innovative strategy employed by Premji enables the trusts to benefit monetarily from the shares, while Premji retains the voting rights,” says Hurun.

India’s richest man’s philanthropic outgo falls

Mukesh Ambani is the third more generous man in India as he donated ₹376 crore in 2023, but his outgo fell by 8% as compared to last year.

Meanwhile, Gautam Adani has seen huge wealth destruction in 2023 and conceded the richest man in India tag to Ambani. Yet, his generosity expanded. He is India’s fifth most generous man, donating ₹285 crore – and his philanthropic outgo went up by 50% since last year. He also moved up two places in the top ten list.

Bajaj family also expanded its hearts and wallets — by 234%, to debut on the list this year.

Cumulatively the top 10 philanthropists in India, donated ₹5,806 crore in FY23, as against a combined donation of ₹3,034 crore the year before. Apart from Nandan Nilekeni, his wife Rohini Nilekeni also made it to the top 10 and their cause is also unique — ecosystem building.

The list compiled 119 who donated over ₹5 crore in FY23, with 25 new entrants. They cumulatively donated ₹8,445 crore – up 59% compared to last year, and 200% compared to three years back.

“Wealth creation is important for economic development, while philanthropy is equally important for economic prosperity. This year is a record year for big philanthropy. Given India's potential for wealth creation and assuming a continued commitment to philanthropy by billionaires, I anticipate these figures to potentially double over the next five years,” said Anas Rahman Junaid, MD and chief researcher, Hurun India.

In the past five years, the number of donors contributing over ₹100 crore has surged from two to 14, and those donating over ₹50 crore has risen from five to 24.

Top 10 EdelGive Hurun India Philanthropy List 2023
Source: Hurun

Young & ‘personally generous’

The list has 24 people who donated in their personal capacity – and it has the usual suspects like Nadar, Premji and Nilekenis. But it has surprises too. Zerodha’s Nithin Kamath and Nikhil

Kamath donated over ₹110 crore in their personal capacity with most of these funds going towards climate and sustainability. At 44 and 37 respectively, they’re also one of the youngest in the list.

Manipal’s Ranjan Pai who is 50 years old donated 92 crore, towards education. The average age of India’s most generous philanthropists remains 60. Pai’s allocation went up 512% in the last one year.

The other notable names amongst who donated their personal wealth are — A M Naik of L&T who donated ₹150 crore; Sushmita and Subroto Bagchi of Mindtree and Infosys’ Kris Gopalakrishnan and family.

M A Yusuf Ali of Lulu Group also donated more in their personal capacity, and his allocation went up by 350% in FY23.

“Cumulative personal donations have increased by 60% to reach ₹4,958 crore, constituting 70% of the total donations in the list. I am incredibly enthusiastic about the surge in personal philanthropy in India,” Junaid.

In general, companies are also spending more as a part of corporate social responsibility (CSR). CSR spending of BSE 200 companies has been growing at a compounded annual growth rate (CAGR) of 15% in the last nine years. Their cumulative CSR spend grew from ₹5,561 crore FY15 to ₹12,271 crore in FY23.

“Government, civil society, and the corporate are the three distinct pillars sustaining the nation-building process. CSR is moving away from cheque book charity donations to a more long-term strategic engagement,” Hurun says.