'Wealth isn’t the issue...': RPG's Harsh Goenka responds to Nithin Kamath's take on 'why Indians hate the rich'

Harsh Goenka, Chairman of RPG Enterprises, had a sharp response to Zerodha CEO Nithin Kamath’s recent take on why Indians often resent the rich. 

Kamath, speaking at TechSparks 2024 in Bengaluru, remarked that India, unlike the U.S., has a deeply ingrained socialist mindset that causes people to view wealth with suspicion. 

“We are a socialist-pretending-to-be-capitalistic society,” Kamath stated during a discussion with YourStory founder Shradha Sharma.

Goenka, responding to Kamath’s take, shifted the focus to how wealth is used, rather than its mere existence. In a post on X (formerly Twitter), he emphasized that Indians admire and celebrate billionaires who demonstrate humility and social responsibility. 

“Indians celebrate good billionaires like Ratan Tata, Azim Premji, and Anand Mahindra—they’re loved and emulated for their humility, philanthropy, and values,” Goenka wrote. He added that the real issue arises when wealth is flaunted or misused. 

“What we dislike are those who flaunt wealth, corrupt the system, and prioritize personal gain over societal good. Wealth isn’t the issue—how it’s used is!”

The exchange between Kamath and Goenka ignited a broader conversation online. Some users weighed in with reflections on India’s cultural values, one remarking, “Indians wear poverty as a badge of honor,” while another pointed out that in certain regions, like Bengaluru, wealthy individuals tend to stay low-profile. 

Kamath had said that India's socialist roots still heavily influence its attitudes toward wealth, even as the country grows economically. “We are all socialists,” he added. He also expressed skepticism that this mindset would change anytime soon due to the persistent wealth inequality in the country. “As long as there’s going to be as much inequality in terms of wealth, I don’t see anything changing.”