November 21, 2018

What Indian billionaires can learn from Michael Bloomberg

Michael Bloomberg, the former mayor of New York and a potential 2020 presidential candidate, has just donated $1.8 billion to Johns Hopkins University, the largest ever contribution to a US academic institution. That’s on top of the $1.5 billion he’s already gifted to his alma mater.

The research institution, already one of the best in the world, will use the money to provide financial aid to its undergraduate students from lower- and middle-income backgrounds.

No such act of generosity has been visible in India despite its 131 billionaires and countless millionaires. India’s rich have many passions—yachts, horses, cars, planes, even airlines and big fat Indian weddings. But institution building isn’t quite their thing.


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