At TechSparks 2024 in Bengaluru, Zerodha co-founder Nithin Kamath addressed a question that touches a raw nerve: Why do Indians often resent the rich?
Kamath didn’t hold back. “We are a socialist-pretending-to-be-capitalistic society,” he stated.
His response came during a discussion with YourStory founder Shradha Sharma, who contrasted how wealth is celebrated in the U.S. with the judgment it often receives in India.
“In the U.S., 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 skepticism. “Ismein kuch toh galat hoga” (there must be something wrong), she added.
Kamath argued that, unlike the U.S., India's deeply ingrained socialist mindset still views success through a lens of suspicion. “At the heart of it, we are all socialists,” he remarked, summing up how wealth is perceived in the country.
Kamath was doubtful that this mindset would change soon, citing the ongoing 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, emphasizing the persistence of this bias.
The discussion triggered a broader conversation online. One user commented, “Indians wear poverty as a badge of honor,” while another argued that India’s suspicion of wealth is rooted not in socialism but in Dharmic values, where flaunting wealth was never considered virtuous.
Adding his voice to the debate, Nikhil Kamath, Nithin's brother and Zerodha co-founder, noted that in Bengaluru, the wealthy prefer to stay under the radar. “The wealthier you are in Bengaluru, the more invisible you want to be,” he said, reflecting how cultural differences shape perceptions of wealth across regions in India.