Why Do indians Dislike the Wealthy? Zerodha CEO nithin Kamath Shares Insights

Zerodha CEO nithin Kamath recently addressed a thought-provoking question about the perception of wealth in india during a discussion at TechSparks 2024 in Bengaluru. He was joined by YourStory founder Shradha Sharma, who noted the contrasting attitudes toward wealth in india and the United States.

Sharma highlighted that in the U.S., wealthy individuals are often celebrated and admired for their success, with their lavish purchases featured in magazines. In contrast, she pointed out that in india, people tend to be judgmental about wealth, often thinking, “There must be something wrong with how they earned it.” This skepticism reflects a broader cultural mindset that associates financial success with unethical practices.

Kamath agreed, attributing this mindset to India’s significant wealth inequality and its socialist roots. He remarked, “The U.S. is a purely capitalistic society, where wealth is admired. In india, we are a socialist-pretending-to-be-capitalistic society. At our core, we are all socialists.” He expressed skepticism about whether this attitude could change, citing the persistent wealth gap as a major barrier to shifting societal perceptions.

The discussion sparked online debate, with varying opinions surfacing. Some commenters echoed Kamath's sentiments, suggesting that many indians see poverty as a point of pride or criticize the wealthy for perceived exploitation and tax evasion. Others countered that disdain for extreme wealth is not unique to india, noting that similar feelings exist globally.

Kamath’s insights underscore how deep-rooted social and economic structures contribute to the ambivalence toward wealth in india, suggesting that significant changes in societal attitudes may be challenging to achieve in the near future.
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Balasahana Suresh

29/09/2024 12:46 PM