'We Are Pretending To Be... ': Zerodha’s Nithin Kamath On Indians Being Judgmental Towards Rich

Kamath highlighted that, unlike in the US, India's deeply rooted socialist mindset often leads to a suspicious view of success. He noted, “At the heart of it, we are all socialists"

Zerodha co-founder Nithin Kamath has been quite outspoken about his observations regarding the negative attitudes some people in India have toward the wealthy and entrepreneurs. Recently, while speaking at the TechSparks 2024 event in Bengaluru, Kamath addressed the question: Why do many Indians hold negative sentiments toward wealthy individuals? This discussion emerged during a conversation where the host highlighted the differing societal attitudes toward wealth in India compared to the United States.

“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, they don’t look down [on rich people],” Sharma noted. In India, however, wealth often invites scepticism. “Ismein kuch toh galat hoga” (there must be something wrong), the host added.

Kamath highlighted that, unlike in the US, India's deeply rooted socialist mindset often leads to a suspicious view of success. He noted, “At the heart of it, we are all socialists,” capturing the country's attitude toward wealth.

Kamath expressed scepticism about any imminent change in this mindset, pointing to the persistent wealth inequality. “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,” he said, highlighting the persistent nature of this bias.

This event marked Kamath's first major public appearance since he suffered a stroke in January. His candid remarks about society's perceptions of wealth sparked a broader debate on social media. A video of the conversation shared on Instagram got considerable attention from online users.

One of the users wrote: “Actually it's not socialism, it's our Dharmic roots. Flaunting of wealth was never considered virtuous in the Hindu society. Dharma required wealthy people to invest in jankalyan and lokakalyan. Kings and wealthy merchants would take care of annadaan, build great temples, and help the society by doing things like sponsoring dormitories and education. Unfortunately, we have forgotten this tradition with individualism creeping in. Everyone, whether they are rich or poor, only think of themselves.

“I don't think Indians really have a problem with the rich. Its more of having a problem with the rich showing off their wealth and privilege. Ours is a culture of humility and adopting the attitude of the west just to shove it in the faces of others is what people don't appreciate,” wrote another user.