Harsh Goenka, Chairman of RPG Group has given a wise response to Zerodha CEO Nithin Kamath’s recent take on why most Indians dislike the rich.
Zerodha CEO Nithin Kamath’s opinion on why rich Indians receive hate
At TechSparks 2024 in Bengaluru, the host, YourStory founder Shradha Sharma asked Kamath: “Why do Indians hate rich people?”
To which the Zerodha CEO remarked that India, unlike the U.S., has a deeply ingrained socialist mindset that causes people to have a general distaste towards wealth.
"The US is a purely capitalistic society, where success and wealth are often admired. But in India, we are a socialist-pretending-to-be-capitalistic society," Kamath has said. "At the core, we are all socialists."
RPG’s Harsh Goenka reacts
Kamath’s response prompted reactions from many, including Indian billionaire Harsh Goenka. The Chairman of RPG Enterprises sharply responded, “Indians celebrate good billionaires.”
In a post on X (formerly Twitter), Goenka explained that Indians admire and celebrate billionaires who exemplify 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
He further remarked 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!”
Online debate begins
Netizens were divided between Kamath and Goenka in this debate. Some users reflected on India’s cultural values pointing out how in certain regions, like Bengaluru, wealthy individuals stay low-profile.
An individual commented: “But but …. It’s their money to spend as they wish. What’s there to hate about? Maybe I am wired differently.”
Another remarked: “But then you get families who take it too far, flaunting their wealth, corrupting the system, and showing zero regard for the greater good. It’s not just about dislike anymore—it’s turned into anger. People are fed up with seeing wealth prioritized over society. There’s a point where enough is enough.”
An X-user supported Goenka saying: “Exactly! Despite of their enormous wealth, billionaires like Ratan Tata are celebrated by every Indian because of their humility and kindness. They help the needy, do a lot of service to society. The problem is the corrupt, parasitic rich people.”
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