Premji raises philanthropy bar with $21 bn total pledge
MUMBAI: Azim Premji, India’s second richest man, on Wednesday gave away 34% of his shares in Wipro Ltd to charitable causes, confirming his status as the most philanthropic Indian.
The shares given away by Premji—a man known for his frugal ways—are valued at about $7.5 billion (₹52,750 crore).
With the latest contribution, the total value of funds committed by the billionaire to Azim Premji Foundation’s philanthropic activities stands at ₹1.45 lakh crore ($21 billion).
This includes a 67% economic ownership of Wipro, the foundation said on Wednesday.
Premji inherited his father’s vegetable oil company and transformed it into a global software powerhouse.
One of the world’s richest men, Premji still flies economy class, and avoids expensive cars and ostentatious displays of wealth.
In terms of philanthropic contributions in the country, Premji is ahead of others by a distance. Although India has seen a rise in individual donations of late, contributions of ₹10 crore or more account for more than half of individual philanthropy and Premji’s donations account for more than 80% of this.
The Premji foundation works to improve access to primary education in India, including some of its most disadvantaged parts. Premji’s philanthropic initia-
WITH HIS NEW COMMITMENT, PREMJI’S TOTAL CONTRIBUTION TO THE PHILANTHROPIC ENDOWMENT CORPUS IS ₹1.45 LAKH CRORE
tives also help in improving the lives of street children and the disabled. The foundation also runs the Azim Premji University in Bengaluru.
“Azim Premji’s philanthropic activities have an overarching vision to contribute to developing a just, equitable, humane and sustainable society in India. To enable this vision, the Azim Premji Foundation works directly in education and supports other not-for-profits working in some specific areas through multi-year financial grants,” the foundation said in a press statement.
India’s super wealthy households, or those with a net worth of more than $50 million in India, are expected to double in both volume and wealth from 160,600 households with a ₹1.53 lakh crore combined net worth in 2017, to 330,400 households with a combined net worth of ₹3.52 lakh crore in 2022.
However, a vast majority of them inherit their wealth and prefer to leave their money to family. The foundation works closely with various state governments. It currently works in Karnataka, Uttarakhand, Rajasthan, Chhattisgarh, Puducherry, Telangana, Madhya Pradesh and the northeast region.
(Press Trust of India contributed to this
story.)