Forbes Asia 2024 Heroes of Philanthropy: 5 Indian billionaires make the cut

Abhishek Lodha, Sudhir and Samir Mehta, and Raamdeo Agrawal and Motilal Oswal have been recognised for their philanthropic endeavours in India

Forbes released its 18th annual edition of Forbes Asia’s 2024 Heroes of Philanthropy, spotlighting individuals who have made significant contributions to philanthropy in the past year. Five Indians were featured on this prestigious unranked list, including Abhishek Lodha, Sudhir and Samir Mehta, and Raamdeo Agrawal and Motilal Oswal.

 

The list includes 15 entries who have been recognised for their significant contributions to various causes, including healthcare, education, and women empowerment. 

Indian billionaires’ major philanthropic contributions

Abhishek Lodha, CEO and MD, Macrotech Developers

Abhishek Lodha, 45, is a leading figure in India’s real estate sector. In November 2024, Lodha and his family transferred 180 million shares of Macrotech Developers, valued at Rs 20,900 crore, to the Lodha Philanthropy Foundation. These shares represent a quarter of the family’s 72 per cent stake in the company. The income generated from the dividends will fund programmes in women’s empowerment, children’s education, environmental initiatives, and Indian cultural promotion. This massive philanthropic gesture landed Lodha on the top of the list.

 

 

Sudhir Mehta, chairman, Emeritus, Torrent Group and Samir Mehta, chairman, Torrent Group

In March 2024, billionaire brothers Sudhir, 70, and Samir Mehta, 61, committed Rs 5,000 crore to their family’s UNM Foundation in honour of their father Uttambhai Nathalal Mehta, the founder of Torrent Group. The donation, to be distributed over five years, will focus on healthcare, education, ecology, and the arts. Key projects include the establishment of pediatric health centers and a pediatric hospital in Uttar Pradesh, along with a neuro-rehabilitation center and medical college in Gujarat.

 

Raamdeo Agrawal, chairman and co-founder, Motilal Oswal Financial Services and Motilal Oswal, CEO and MD, Motilal Oswal Financial Services

Raamdeo Agrawal, 68, and Motilal Oswal, 62,  donated 212,000 shares each of Motilal Oswal Financial Services, valued at Rs 39.8 crore to the Motilal Oswal Foundation in October 2024. This donation will support the construction of Motilal Oswal Knowledge Centres at the Indian Institute of Technology (IIT) and the Indian Institute of Management (IIM) in Mumbai, as well as a women’s hostel at Plaksha University in Mohali.

 

Global philanthropy highlights

The list also includes prominent names including Lei Jun, co-founder and chairman of Xiaomi, who pledged 1.3 billion yuan ($182 million) to Wuhan University in China. This donation was made to reflect his gratitude for the scholarship he received while studying there.

 

South Korean billionaire Michael Kim was recognised for a $25 million donation made to establish the Institute for Ethical Inquiry and Leadership at Haverford College in Pennsylvania. As well as, Taiwanese billionaire Daniel Tsai, who contributed $30 million to Georgetown University’s law school.

 

The list highlighted how education has remained the top priority for many philanthropists on this year’s list. Among the new additions are Solina Chau from Hong Kong and Eduardo Saverin from Singapore, who have made significant contributions towards supporting education initiatives.