Dasra cofounder was on the cover of the W-Power special in 2020 for streamlining the social sector and helping bolster the philanthropic ecosystem in India. As those initiatives find more takers, she notices a turning point in the giving behaviours of inter-generation and first-generation wealth creators
Neera Nundy, Dasra cofounder and partner
Image: Mexy Xavier
Indian philanthropy is evolving rapidly, with families accumulating more wealth over time. According to the India Philanthropy Report 2023 by Dasra and Bain & Company, cumulative net wealth of ultra-high-net-worth individuals (UHNI) in India climbed by 9.2 percent in FY22, with the top level of greater than ₹50,000 crore wealth witnessing a 19 percent jump. HNIs and affluent givers are emerging as a high-potential segment with a 12 percent increase in the affluent population and a 7 percent increase in the HNI population. While UHNI giving has not kept pace with their increasing wealth, the combined contribution of HNIs and affluent givers increased by 11 percent over FY21 to ₹25,300 crore.
generational families transfer responsibility and decision-making to the next generation (inter-gen) and first-generation wealth creators (now-gen) enter the philanthropy landscape, there is a shift from traditional charitable giving to a more proactive approach that emphasises supporting portfolios and collaboratives.
We are witnessing positive directional shifts among the giving behaviours of inter-gen and now-gen givers. This cohort has a “learning mindset” and embraces innovation and risk in philanthropy, seeking knowledge to take affirmative action and deploy capital at a faster pace.
We are seeing a clear shift from philanthropy based on personal motivations to bolder aspirations of building a stronger India. This is reflected in their giving behaviours that are integrating an intersectional lens through a focus on GEDI (gender, equity, diversity and inclusion), climate action, and a greater interest in strengthening the philanthropic infrastructure that has the potential to trigger a new era of bold and innovative philanthropy.
Also read: How family philanthropy can shape a new social contract in India
(This story appears in the 16 June, 2023 issue of Forbes India. To visit our Archives, click here.)