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What is Azim Premji’s Net Worth?
Azim Premji, a prominent Indian businessman and philanthropist, has an estimated net worth of $24 billion (approximately ₹1,99,997 crores). This wealth stems from his ownership of Wipro Limited, a multinational corporation specializing in technology outsourcing services.
In 1966, Premji took over the family business, Western Indian Vegetable Products Ltd after his father’s sudden demise. Under his leadership, the company was rebranded as Wipro and diversified into various sectors, including IT, which became its core business. This strategic pivot transformed Wipro into a global IT powerhouse, significantly boosting Premji’s wealth.
Despite his substantial fortune, Premji is perhaps best known for his philanthropic efforts. He has pledged to donate the majority of his wealth to charitable causes, primarily through the Azim Premji Foundation, which focuses on improving education in India. His lifetime giving is estimated to be around $21 billion, making him one of the most generous philanthropists globally.
Here’s the breakdown of Azim Premji’s net worth:
Name: | Azim Premji |
Net Worth: | $24 Billion |
Date of Birth: | 24 July 1945 |
Profession: | Businessperson |
If you’re curious about how we estimate a celebrity’s net worth, you can check out our methodology here.
Early Life and Education
Azim Premji was born on July 24, 1945, in Bombay (now Mumbai), India, into a Khoja Ismaili Shia Muslim family from Gujarat. His father, Mohamed Hashim Premji, was a successful businessman known as the “Rice King of Burma.” Despite an invitation from Muhammad Ali Jinnah, the founder of Pakistan, to move to Pakistan, Premji’s father chose to remain in India.
Azim Premji had a privileged upbringing and attended St. Mary’s School in Mumbai. He later pursued higher education at Stanford University in the United States, where he graduated with a Bachelor of Science in Electrical Engineering.
However, his education was interrupted in 1966 when his father passed away, prompting him to return to India to take over the family business, Western Indian Vegetable Products Ltd.
Career
Upon his return to India, Azim Premji took the helm of Western Indian Vegetable Products Ltd, which primarily dealt in hydrogenated cooking fats. Under his leadership, the company underwent significant diversification, expanding into various sectors such as bakery fats, toiletries, lighting products, and hydraulic cylinders.
Recognizing the potential of the emerging IT industry in the 1980s, Premji rebranded the company as Wipro and shifted its focus towards technology and software services. This strategic pivot was catalyzed by the expulsion of IBM from India, which created a vacuum in the market.
Wipro began manufacturing minicomputers and eventually became a global leader in IT, BPO, and R&D services, generating billions in revenue and establishing a presence in over 60 countries.
Philanthropy
Azim Premji is renowned for his philanthropic efforts, which are primarily channeled through the Azim Premji Foundation, established in 2001. The Foundation focuses on improving the quality and equity of education in India, working with over 350,000 schools across several states.
In addition to the Foundation, Premji has set up Azim Premji University, which offers programs in education and human development. His philanthropic initiatives also extend to supporting not-for-profits working in areas such as nutrition, local governance, and the well-being of vulnerable groups.
Premji has pledged to donate the majority of his wealth to charitable causes, making significant contributions that have positioned him as one of the world’s leading philanthropists. His lifetime donations are estimated to be around $21 billion, and he has consistently topped philanthropy lists in India.
Controversy
Despite his commendable achievements, Azim Premji has not been immune to controversy. One notable incident involved his investment in the retail chain Subhiksha, which collapsed in 2009. Premji had acquired a 10% stake in the company through his personal investment arm, but the venture turned sour as Subhiksha struggled with operational issues and defaulted on vendor payments.
This led to a series of legal battles initiated by R. Subramanian, the former head of Subhiksha, who filed multiple frivolous lawsuits against Premji and others. These cases were eventually dismissed by the Supreme Court, and Subramanian issued a public apology for the harassment caused.
In addition, Premji’s Azim Premji University has faced allegations of discrimination and harassment, particularly involving a Hindu student who claimed to have been targeted by Islamist and leftist groups on campus.
Ashley Roberts is the founder of Real-Time Billionaires List. She founded this platform because she likes to know how much celebrities are actually making. She is always curious why these people can make much more money than the ordinary person.
With a Bachelor’s degree in finance, she is skilled at financial analysis and understands numbers related to wealth. Most of the articles on this site are edited by herself before publishing.
