'We are all...': Zerodha CEO Nithin Kamath's candid response to 'why Indians hate rich people'

Zerodha CEO and billionaire Nithin Kamath resonded in the most candid way possible to a question posed to him during an event in Karnataka's Bengaluru: Why Indians hate rich people?

During an event titled 'TechSparks 2024' event in Bengaluru, YourStory founder Shradha Sharma emohasised the difference between the mentality of Indians and Americans towards 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.

She continued, "In India, on the other hand, people are very judgmental when someone makes money. We think ‘ismein kuch toh galat hoga’ (there must be something wrong in it)". 

Nithin Kamath agreed with Sharma's view and highlighted the 'massive wealth inequality' in India. 

He said, “US is a pure bred capitalistic society. We are a socialist-pretending-to-be-capitalistic society. At the heart of it, we are all socialists.” On being asked if he could see the situation changing, he shared that as long as the wealth inequality exists, there would be no change. 

 

 

 

 

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A post shared by Shradha Sharma (@shradhasharmayss)

"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,” Kamath explained. 

Meanwhile, Nithin's take on the question has sparked a debate on Instagram. While several netizens agreed with his viewpoint, others went loggerheads with him. 

"Lol. When did Indians start disliking rich people? Actually, it's not just Indians—people in many places, particularly those with less financial stability, often feel this way. It’s common- when people desire something they don’t have, they may develop negative feelings toward those who do. Of course, not all Indians are poor, and it's primarily economic disparity, rather than nationality, that drives such sentiments", a user wrote. 

Another user agreed with the billionaire's viewpoint and wrote, "Indians wear poverty as a badge of honour."