According to the survey, charity giving among wealthy Indians for 2011 was at 3.1% to their total income compared to 2.3% in 2010, and more than 50% are pledging to give even more in 2012.
The survey included 400 wealthy individuals with more than US$0.4 million in assets, excluding primary residence, consumables and collectibles and more than 60% of the respondents of the survey group was under 40 years of age, while more than one-third were 30 years or younger.
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Arpan Sheth, a Bain & Company partner in Mumbai and the report’s author, remarked, "We are encouraged by the emergence of the next generation of donors, who are even more committed to supporting this charitable culture as their wealth grows."
Further, though charity among wealthy Indians as a percentage of their income is lower compared to their Western counterparts, the survey stated that the momentum is building in India among all age groups.
In the survey, nearly four out of five respondents said that they were novices at charitable giving whereas more than 52% said that they planned to give more in 2012, and of that group, about two in five planned to increase their giving by 10% or more.
Moreover, younger wealthy Indians give only 2% of their income to charity, compared to 3.9% for their older peers.
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By GlobalDataTwo-thirds of the respondents expect to increase donations in the next five years, with two in five saying they will increase giving by over 20% in that period.
While education remains the most popular cause for giving in India, half of the respondents cited lack of accountability among charitable organizations as the reason for holding back from charity giving.
"Our most affluent individuals have a strong desire to donate a portion of their wealth to the hundreds of millions of Indians who lack even the most basic services. Their growing commitment to charitable giving is improving the lives of millions of Indians," Sheth added.
