Recently I read some stats on the Philanthropy about India. The stats says that according to a research by Bain & Co, there are over 115,000 high-networth individuals in India.
Since 2000, this elite group has grown an average of 11 per cent annually. Between 2006 and 2007, the number of wealthy individuals in India surged by 23 per cent, which is the highest growth rate in the world.
Today, more than 400 million people live below the poverty line in India. The global meltdown has pushed an additional 25 million to 40 million citizens below the poverty line.
"The wealthiest have the lowest level of giving at 1.6 % of household income. While the 'high class', which is ranked one level below the 'upper class' on the income and education scale, donates 2.1% to charity, the middle class gives 1.9% of household income to philanthropy," says Arpan Sheth, partner, Bain & Company.
"The wealthiest have the lowest level of giving at 1.6 % of household income. While the 'high class', which is ranked one level below the 'upper class' on the income and education scale, donates 2.1% to charity, the middle class gives 1.9% of household income to philanthropy," says Arpan Sheth, partner, Bain & Company.
The charitable initiatives in India accounted to about $7.5 billion in 2009, according to the study, equivalent to about 0.6 per cent of the country's GDP.
The rate is higher than Brazil's 0.3 per cent and rival China's 0.1 per cent, but lags behind United States which is 2.2% and 1.3% in Britain, the report said.
see some stats from US
The largest 100 foundations in the US have more than $200 billion in assets. These assets are used to help underwrite philanthropic activities. This massive asset base allows foundations to extend their support throughout the world.
This makes me wonder what happend to us, why are we so tight handed when it comes to helping those needy.
one of the reasons might be that many of these rich indians have got their wealth recently and hesitate to part a bit of it.
Instructions to create charity oranisation in India
http://www.karmayog.com/formation.htm
Rigveda says “Those who donate enthusiastically make constant efforts to increase their income so that they never find problems in making charity.”
Kautilya says
The virtuous one despises prosperity attained through ignominy. The bounds of good conduct should never be
crossed. Truth and charity are the roots of righteousness.
Righteousness is the ornament of all [Kautilya's Sutra,
Subramanian, pp. 39, 47, 62].
It is possible to know even the path of birds flying in the
sky but not the ways of government servants who hide
their (dishonest) income [Kautilya's Arthashastra, p.
283].