Key Highlights:
- #LivingMyPromise becomes the first community to make philanthropy accessible to the non-billionaire population
- The movement has significantly grown into a community of 150 promisors within 7 years, redefining philanthropy in India
- Following the global trend, the initiative depicts the growing trend of women in philanthropy. Records 40% of its promisors to be women
India, Nationwide Release: #LivingMyPromise (LMP), a transformative social initiative founded in 2018, has grown by leaps and bounds. From six promisors since its inception, the initiative, led by a cohort of passionate philanthropists, is celebrating a new milestone of 150 Indian promisors within seven years, committing 50% of their wealth to philanthropic causes of their choice. #LivingMyPromise stands out as a noble cause with the majority of its promisors from the upper-middle and middle-income groups, pioneering a new movement in philanthropy and making it accessible to everyone, not just a few billionaires. All it takes is a desire to give back, supplemented by a minimum net worth of 1 Crore, to make this promise.
Billionaires often take the limelight as one of the leading segments contributing to philanthropy. While the top 10% of the global population possesses 76% of the gross wealth, its contribution has been minuscule towards several social causes. In the Indian context, the top 1% of the Indian population holds a 40% share of wealth. The curious case of philanthropy in India is no different from that of the global scenario.
A study conducted by Bain & Company has shed light on the fact that a diverse category of philanthropists in India diverts only 0.08% of their net worth towards philanthropy. #LivingMyPromise fosters a culture of equity by subscribing to the thought that changemakers can come from diverse backgrounds and financial statuses. Unlike the established narrative about the high-net-worth individuals dominating the philanthropy sphere, LMP highlights the extraordinary impact that ordinary individuals can leave on the lived communities.
The initiative is built on the principles of diversity and inclusion. Diversification of contributors has strengthened it as the wealth is being contributed to different causes, widening the scope of developmental areas. While the list of billionaires boasts and celebrates individuals over 40, #LivingMyPromise prides itself on having its youngest promisor in their late 20s, along with the seniormost promisor being 80+.
Gunjan Thaney, Head of #LivingMyPromise, said, “The very gist of philanthropy rests on choice. #LivingMyPromise is an invitation to give privileged citizens a sense of community and belonging in their philanthropic work. More than just an initiative; LMP has now become a growing, vibrant community of like-minded individuals committed to making a meaningful difference in the world. Today, we are a strong community of 150 extraordinary people, who have promised their contributions to causes of their choice. By doing so, they have set the stage for visionary change, making way for a more inclusive and equitable society. Together, we are not just pledging wealth; we are investing in the future of our nation and the well-being of generations to come.”
40% of the #LivingMyPromise’s community is represented by women, many of them independent of their spouses, who have pledged to give away 50% of their hard-earned wealth to fulfil their philanthropic goals. Considered to be the pioneer givers towards causes like health care, education, and nutrition, the initiative reflects how empowered women lead to an empowered society.
The health and education sectors are the top two causes where the promisors are channelling their wealth. With significant women contributors, the initiative acts as a platform to bring forth issues like women’s health, education, and other gender-related issues, nurturing a commitment to champion women’s rights through diverse voices.
Commenting on what inspired her, Rema Subramanian, the 150th Promisor of #LivingMyPromise, said, “We are fortunate to be where we are due to various reasons, including being at the right place, right time and having the right backing/resources. It’s time to pay it forward. The joy of giving is far higher than the joy of self-consumption.”
The initiative is unique in making philanthropy accessible to everyone and contributes towards making a difference. This philanthropic giving not only addresses immediate social needs but also fosters long-term systemic change. By supporting diverse causes and communities, the promisors are helping to bridge socio-economic gaps, empower marginalized groups, and promote social equity. Furthermore, their actions inspire others to embrace a culture of giving, thereby amplifying the overall impact and allowing for real change to take place.
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