Asia’s Richest Person, Gautam Adani, Pledges $7.7 Billion for Social Causes

Gautam Adani, Asia’s richest person, and his family have pledged to donate 600 billion rupees ($7.7 billion) to a slew of social causes, to mark his 60th birthday.

The donation will be managed by the Adani Foundation for bolstering health care, education and skill development, Adani told Bloomberg in an interview Thursday. “This is one of the largest transfers made to a foundation in Indian corporate history,” he said, adding that this commitment also honors the birth centenary year of his father, Shantilal Adani.

The Indian tycoon, a first-generation entrepreneur who turns 60 on Friday, joins the ranks of global billionaires like Mark Zuckerberg and Warren Buffett who have committed large parts of their wealth for philanthropy. Adani’s pledge is almost half of what Bill Gates and Melinda French Gates donated to their foundation in 2021.
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Read More: Gautam Adani is on the 2022 TIME 100 List

Among Indian tycoons, Azim Premji, former chairman of Wipro Ltd., has a charitable trust with the largest endowment estimated at $21 billion, while Tata Trusts, overseen by Ratan Tata, chairman emeritus of Tata Sons Ltd., made donations of over $102 billion at current value, according to a 2021 report by Hurun India and EdelGive Foundation.

With a net worth of almost $92 billion, according to the Bloomberg Billionaires Index, Adani has added a little more $15 billion to his wealth this year on the back of a runaway rally in his companies’ shares, making him the biggest wealth gainer globally.

“We will invite three expert committees in coming months to formalize strategy and decide allocation of funds in these three areas,” he said. The committees will have members from the Adani family in supporting roles, the tycoon said, adding the plan was to add one or …read more

Source:: Time – Business


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