Zerodha CEO Nithin Kamath faced a question that often stirs debate in India: Why do Indians seem to dislike rich people? Kamath, known for his candid approach, gave an insightful response, shedding light on the societal mindset towards wealth and success in India. This conversation took place at TechSparks 2024 in Bengaluru where Kamath was joined by YourStory founder Shradha Sharma.
Sharma initiated the discussion, drawing a comparison between how wealth is perceived in India and the United States. “In the US, when someone makes a lot of money, if they’re highly successful and buy expensive things like cars or jets, it’s seen as normal. In fact, they often make it to the cover pages of magazines. Society doesn’t judge them for their wealth,” Sharma explained, pointing out the ease with which Americans celebrate success.
In contrast, Sharma emphasised that India’s attitude towards wealth is quite different. She said, “Here, people are very judgmental when someone earns money. The first thought is, ‘ismein kuch toh galat hoga’ (there must be something wrong with how they earned it).” This common perception reflects a deep-rooted scepticism towards wealth and success in India, where people tend to associate financial success with unethical practices.
Kamath, 44, agreed with Sharma’s observation and provided his own take on why this mindset exists in India. He pointed out the vast inequality in the country and attributed it to India’s socialist roots. “The US is a purely capitalistic society, where success and wealth are often admired. But in India, we are a socialist-pretending-to-be-capitalistic society,” Kamath explained. He added, “At the core, we are all socialists.”
When asked if he believed this mindset could change in the future, Kamath expressed doubt. “I don’t see how it changes. As long as there’s such a huge gap in wealth, I can’t see anything shifting significantly,” he said, acknowledging the persistent inequality in India. Nithin Kamath’s response suggests that the underlying social and economic structures that contribute to wealth disparity may prevent any immediate change in societal attitudes towards the rich.
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The debate continued online, with many sharing their views on the topic. One Instagram user commented, “Indians wear poverty like a badge of honour.” Another expressed frustration, writing, “In India, the rich get richer by avoiding taxes, committing fraud and exploiting the lower and middle classes.”
However, not everyone agreed with these sentiments. A user wrote, “Even in the US, people don’t love the ultra-rich. It’s not just an Indian thing. Globally, there’s a problem with the extreme wealth gap.”
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