An improved umbrella configured to reduce the likelihood that water on top of the umbrella will drain onto the area around the user when the umbrella is closed. The improved umbrella has a handle supporting a canopy section comprising of an upper canopy, a lower canopy and a collapsible frame attached to and disposed between the upper and lower canopies. An operating mechanism allows the user to move the umbrella between its open and closed positions. When being closed, the operating mechanism inverts the frame so the peripheral edge of the upper canopy is directed upward and the center area thereof is pulled down into an interior cavity at the top end of the handle so water will drain inward to the cavity instead of outward. The upper canopy is pulled into the cavity and the frame, with the lower canopy wrapped around it, is collapsed against the handle.