Are Indian Millionaires Ready To Share Wealth?

Indian millionaires – Indian economy is on a roll for some years and even in the worst case scenario, millionaires are being produced in the country faster than the speed of thought!

Ever few days we read about a new kid on the block with massive bank balance who used to be nobody just a couple of years back. So yes, lot of money is flowing in the hands of ever growing list of individuals while at the same time there are many many more who are barely able to survive.

With thoughts about such underprivileged souls, big celebrities across the world have pledged to share their entire wealth or part of their wealth with the society.

In this context a statement by actor Jackie Chan makes a lot of sense. He has pledged to donate half his wealth to charity after he dies and doesn’t want to leave a fortune for his son. His simple logic is: “If he (his son) is capable, he will make his own money. If he is not, then he will just be wasting my money!”

This makes lot of sense in Indian context where traditionally there is a trend of family wealth handed down generation after generation.

But are our mindsets changing?

Are Indian millionaires, like their global counterparts like Bill Gates, Warren Buffet etc. ready to donate or share their wealth?

The most striking example came to light a couple of days back when the controversial CEO of Housing.com, Rahul Yadav announced that he is allotting his entire stake in the company, which is worth Rs. 150-200 crores to all of his employees!

In simple words, around Rs. 10 lakh per employee which is huge!

It might be a publicity gimmick, but on the face of it, this really makes sense for thousands of his employees. Yes, he is not helping the poor and downtrodden, but then it is not easy to give away all your earnings when you have earned it all when you’re just 26!

But the response to his call to his fellow businessmen, CEO’s of Zomato and Olacabs has been less than encouraging. While Deepender Goyal of Zomato replied to Rahul’s challenge of donating half their worth by saying, “Aww so cute”, Bhavish Aggarwal from Olacabs replied, “Give that man a cookie”.

Obviously it may not make business sense to let go of all your earnings, but then starting to do major philanthropy early in your career when you’re actually making millions is not a bad idea! Most of the major donors in our country, the likes of Tatas, Ambanis, Azim Premji’s etc have started this big time charity at a very old age now! All these big businessman have pledged to donate millions to various causes and charities they support, but such a similar step from the youth of today and the newly made millionaires will help a long way to change the mindset of the country!

Helping others when you have more than enough to last a few lifetimes is a cause one needs to work for relentlessly.

Let’s hope these Indian millionaires become billionaires and many more join the ranks with the thought of giving back to the society and sharing their riches!