Zerodha CEO Nithin Kamath reflects on India's perception of wealth: "we are socialists"

At the recent TechSparks 2024 event, Zerodha CEO Nithin Kamath shared his insights on the societal perception of wealth in India, addressing a topic that has often sparked debate.

Kamath's comments came in response to a discussion initiated by YourStory founder Shradha Sharma, comparing attitudes toward affluence in India and the United States.

Shradha Sharma highlighted the contrasting approaches to financial success in the two countries. In the US, wealth is often celebrated, with successful individuals frequently seen as role models and featured prominently in media. On the other hand, in India, financial success tends to be met with skepticism, where people often assume there is something unethical behind someone’s wealth. She noted that this societal suspicion toward the wealthy is pervasive in India.

Kamath, agreeing with Sharma’s observations, provided his perspective on why India has such a critical view of wealth. He attributed the mindset to India's socialist foundations, despite the nation’s gradual shift toward capitalism. Kamath remarked, "The US is purely capitalistic, where success is admired. But in India, we are a socialist-pretending-to-be-capitalistic society." He explained that these socialist roots are deeply ingrained, and at the core, many Indians still hold socialist ideals.

When asked if this mindset could evolve, Kamath expressed doubt. He believes the persistent and significant wealth inequality in the country makes it difficult to change societal attitudes. Kamath acknowledged that as long as such a large gap exists between the rich and poor, skepticism toward wealth and success will likely remain entrenched in Indian society.

Kamath’s remarks quickly garnered attention online, sparking a wide range of reactions. Social media users echoed the sentiment of skepticism toward wealth in India.

One commenter noted, "Indians wear poverty like a badge of honour," while another criticized the income gap, stating, "Income inequality is laughing in a corner."

A third user expressed frustration, writing, "In India, the rich get richer by avoiding taxes, committing fraud, and exploiting the lower and middle classes."