How Much Is The Net Worth Philanthropic King Azim Premji?
Azim Premji famous as the Czar of the Indian IT Industry is the chairman of India’s largest IT company Wipro Limited. The Indian business tycoon, investor, and philanthropist has proved him one of the generous billionaires and made a reported $22 billion in donation.
With billions of dollars revenue, Premji ranked 36 in the World Billionaire’s List, until he pledged to donate half of his wealth via The Giving Pledge.
Currently, the large-hearted businessman owns $8.7 billion that still makes him one of the richest personalities in India. Grab details on Azim Premji’s net worth, asset collection, salary, earnings, donations, and personal life.
Net Worth Details: Income Source & Earnings Details
As of July 2022, Premji owns the estimated net worth of $8.7 billion as per various online sources.
Well, as per Forbes, the Wipro chairman has the fortune of $4.4 billion while the CNN reports his current fortune to be $19.4 billion citing the Bloomberg Billionaires Index as its source.
The main source of Azim Premji’s whopping income is his 7% Stake in Wipro, while he owned 73% ownership stake before making massive billion-dollars donation in the early March 2019.
Back in 2017, Premji’s family ranked 11th among Asia’s Richest Family, worth $19.2 billion as per Forbes.
His net worth can be compared to billionaires like Jack Ma, Wang Jianlin, Binod Chaudhary, Mukesh Ambani, and Tay Za.
Premji’s Net Worth Over The Years
|2014||$15.3 billion ($7 billion annual revenue)|
|2017||$19.2 billion ($9 billion annual earnings)|
|October 2018||$15.6 billion (annual revenue of $8.4 billion)|
Massive Salary In Wipro Limited
While Azim Premji is the chairman of the company Wipro Limited, his son Rishad Premji serves as chief strategy officer and board of director in Wipro.
Well, in the 2018 fiscal, Rishad’s basic salary increased around 10% from $126,000 to $135,200; he previously earned $126,000 in salary, $77,500 in allowances and $594,100 in commission/ incentives/ variable pay.
As reported, his overall earnings raised from $615,400 to $855,000.
On the other hand, president and chief HRO, Saurabh Govi’s revenue raised to $956,500. The CEO Abidali Neemuchwala’s payroll also increased making $913,000 in gross salary, $246,300 variable pay and $1.478 million in annual compensation, which made the total of around $2.63 million.
Journey From Oil Business To Billionaire: Wipro Stats Of 2018
After his father’s death, Azim Premji dropped out his studies in Sandford in 1996 and took care of his family oil business. Later, the Indian businessman expanded it to software company Wipro Limited, an Indian multinational corporation featuring IT, consulting and business process services.
Well, in 2013, the company made the separation of the company: IT and Non-IT company. Sources report that Wipro had 164,659 employees in 2018.
Over the years, the company has signed many multi-million and multi-billion deals. In 2012, the company made $35 million after acquiring Promax Applications Group (PAG), an Australian Trade Promotions Management firm.
The company signed a 10-year contract worth $1.2 billion with ATCO, a Canadian Energy & Utilities corporation in 2012. Then in September 2018, Wipro won a 10-year contract from Alight Solutions of Illinois, which was worth $1.6 billion.
In 2018, the economist and internal audit revealed that Wipro economic play was pushing down. Here are the stats:
- Revenue- $8.4 billion
- Operating Income- $1.57 billion
- Net Income- $1.23 billion
- Total Assets- $11.68 billion
- Total equity- $7.45 billion
Close Call With $1 Billion Fine
As reported, Wipro had to pay $75 million to National Grid US as a settlement for a careless SAP implementation in August 2018. Well, in 2010, the company was hired as systems integrator but the errors rolled in.
A 2014 audit estimated that the Wipro could have $1 billion off their hands but safely made out with a small chunk of $75 million.
Whopping Donation: The Giving Pledge Charity
Azim Premji founded Azim Premji Foundation in 2001, a non-profit organization to uplift the quality life education. Well, in December 2010, Premji pledged to donate $2 billion for improving education in India.
Starting his $2.2 billion donations to his foundation, Azim stepped in one of the biggest philanthropic quest The Giving Pledge.
In 2013, he became the first Indian to sign The Giving Pledge, a campaign by Warren Buffett and Bill Gates to encourage richest personalities to donate for philanthropic works.
In March 2019, Azim Premji donated 34% of his Wipro share worth $7.5 billion to his Azim Premji Foundation. As reported, in April 2013, the Indian business tycoon had already donated 25% of his wealth and in July 2015, Premji gave his 18% of his Wipro Stake in charity.
Sources report, till date, he has made $21 billion in donations only that includes 67% stake in his IT outsourcer Wipro, worth $15 billion.
Moreover, Azim Premji’s close friend billionaire Kiran Mazumdar-Shaw has also donated $30 million to date and has signed with The Giving Pledge to donate 75% of her wealth.
Interesting Fact: Various online sources states that the Wipro Chairman accounts $10 billion wealthy commit charity per year alongside the Government’s $20 billion commitment, totaling $30 billion.
Assets, Expenses & Lifestyle
Well, Azim Premji is low-key about his daily life updates and is not active on social media. It’s sure that the billionaire businessman does have a lavish lifestyle though prefers to avoid the flashy life.
Currently, he lives in his million dollars mansion in Bangalore, India, though is yet to disclose the worth and purchase detail on the property.
Well, the Bangalor is also the house for other billionaires like Infosys co-founder and chairman emeritus N R Narayana Murthy and GM Rao, the chairman of GMR Group.
In contrast to other billionaires in India, Premji likes to live a simple/ordinary life away from the limelight making expenses. Even if it’s a matter of snap for Azim Premji to own private jets and luxury cars, the billionaire reportedly owns a Mercedes E-Class worth $53,500, which he bought in second hand.
Prior to Mercedes, he drove Ford, Toyota Sedan, and Toyota Corolla.
As for a surprise, Azim Premji likes to travel in economy class in planes.
Tax & Insurance
Premji, with billion dollars net worth and income, is liable to enormous tax payments including income and wealth tax. Though, the exact detail on his tax payments and insurance is yet to be out.
As reported, an individual with over $15,873 annual income is charged with 30% income tax in the overall revenue, while the earnings of over $144,315 also add 10% surcharge plus 30% charge in the income tax.
Moreover, the property worth over $44,118 calls in 1% property tax, which can range 6% to 10% in Delhi generally.
Why so heavy tax? Sources report that the taxes are high in India to control the flow of black money and avoid corruption. Though, it is a piece of bread compared to the world highest taxing country Belgium with 42% progressive tax rate.
Azim Premji’s Personal Life: Age, Height, Married Life, Wife & Children
Born on July 24, 1945, in Bombay (now Mumbai), India, Azim Hashim Premji holds Indian nationality and South-Asian ethnicity. His father Muhammed Hashem Premji, a businessman was famous as Rice King of Burma.
Premji is a Shia Muslim, while his family origins come from Kutch in Gujrat.
Azim obtained a Bachelor of Science in Electrical Engineering degree from Stanford University, USA.
As of July 2022, Premji’s age is 76 and has a height of 5ft 8 inches (178 cm).
Well, he is a married man and is a father of 2 children. Azim Premji enjoys a blissful relationship with his wife Yasmeen and sons: Rishad and Tariq. His son Rishad currently is the Chief Strategy Officer of Wipro.