Zerodha CEO Nithin Kamath provided an honest response to a challenging question posed during an event in Bengaluru: Why do Indians harbor resentment towards wealthy individuals?
At the TechSparks 2024 event in Bengaluru, YourStory founder Shradha Sharma pointed out the contrasting perceptions of rich people in India and the United States.
“In the United States, a person’s wealth, success, and new car purchases are displayed on the cover page. Purchasing a jet and everything else is completely typical. Furthermore, they don’t despise [wealthy people] as a society, added Sharma.
Conversely, she noted that in India, people tend to be “very judgmental when someone earns money.” She added, “We often think, ‘ismein kuch toh galat hoga’ (there must be something wrong with them).”
Nithin Kamath’s Perspective
Kamath, 44, resonated with Sharma’s observations and offered a thoughtful perspective on the matter. He acknowledged the significant wealth disparity in India, attributing it to the country’s socialist mindset.
“The US is a purely capitalistic society. We, on the other hand, are a socialist-pretending-to-be-capitalistic society,” Kamath stated. “Deep down, we all have a socialist inclination.”
When asked if he envisioned any changes in this mindset, Kamath expressed skepticism. “I don’t foresee any change. As long as wealth inequality persists, I don’t expect anything to shift,” he remarked.
Nithin Kamath was engaging with his “first real audience interaction” in nine months following a stroke he experienced in January.
His views on how society perceives wealthy individuals sparked a lively discussion on Instagram, where the video of the interaction garnered a significant number of views and reactions.
“Indians wear poverty as a badge of honor,” remarked one Instagram user.
“Because in India, the wealthy accumulate riches by evading proper taxes, committing fraud, and exploiting the poor and middle classes,” voiced another, reflecting the frustrations of the middle class.
“People in the US also have reservations about the ultra-rich. Likewise, in India, we also face issues with the ultra-wealthy,” commented a third individual.