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Why do Indians hate rich people? Zerodha billionaire Nithin Kamath answers at Bengaluru event
Zerodha CEO Nithin Kamath addressed the societal disdain for the rich in India, attributing it to wealth inequality and a socialist mindset.
Zerodha CEO Nithin Kamath gave a candid answer to a difficult question posed to him during a Bengaluru event: Why do Indians hate rich people?
During a conversation with Kamath at the TechSparks 2024 event in Bengaluru, YourStory founder Shradha Sharma highlighted the difference between Indians and Americans when it comes to the treatment of rich people.
“In the US, if someone makes a lot of money, if they are very successful and buy new cars, then it comes on the cover page. And it’s very normal - buying a jet and all is very normal. And as a society also, they don’t look down [on rich people],” said Sharma.
In India, on the other hand, people are “very judgmental when someone makes money,” she contrasted. “We think ‘ismein kuch toh galat hoga’ (he must be doing something wrong),” Sharma explained.
Nithin Kamath answers
Nithin Kamath, 44, agreed with Sharma as he gave a measured response to the question. The billionaire acknowledged the massive wealth inequality in India as he pointed to India’s socialist mindset.
“US is a pure bred capitalistic society. We are a socialist-pretending-to-be-capitalistic society,” said Kamath. “At the heart of it, we are all socialists.”
Asked if he could see things changing, Kamath said it was unlikely. “I don’t see how it changes. Because as long as there’s going to be as much inequality in terms of wealth, I don’t see anything changing,” he predicted.
Nithin Kamath was speaking at his "first real audience interaction" in nine months since he suffered a stroke in January.
His take on society’s treatment of rich people started a debate on Instagram, where the video of the exchange has collected a ton of views and reactions.
“Indians wear poverty as a badge of honour,” wrote one Instagram user.
“Because in India, the rich become richer by not paying adequate taxes, committing frauds and exploiting the poor and middle classes,” another gave voice to middle-class angst.
“People in the US also don't like the ultra rich. Similarly in India also we have a problem with the ultra rich,” a third person opined.
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