India's mega rich lag far behind West in philanthropy

They may build skyscraper mansions, travel by private jet and throw sumptuous wedding parties, but it seems India's super-rich are much slower at opening their wallets for charity.

India now has 55 dollar-billionaires, the fifth-biggest number in the world, according to a Forbes ranking this month.

But like other emerging economies such as China, its charitable giving still lags markedly behind that in the West where the tradition of wealthy businessmen donating chunks of their fortunes is much more deeply ingrained.

Wealthy Indians gave up an average 3.1 per cent of their income to charitable causes in 2011 - up from 2010 but far behind the 9.1 per cent average in America, according to global consultancy Bain & Company.

But analysts say the upturn in giving as more Indians get seriously rich is going very slowly.

"The pace for corporate India and especially the new rich giving up its wealth is excruciatingly slow," said Manjeet Kripalani, executive director at Gateway House, a Mumbai-based think tank. "Corporate philanthropy needs to look at a thoughtful way of scaling up giving," she said.