'We are a socialist pretending to be...': Zerodha's Nithin Kamath on why Indians resent the rich
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. Key Points
Business Todaywealth Redistribution Tempest: Much ado about nothing (read no vote bank)?
The idea of wealth redistribution proposed by Congress leader Rahul Gandhi has sparked a heated debate in India's political landscape, with Prime Minister Narendra Modi labeling it as 'dangerous'. The discussion revolves around conducting surveys to assess wealth distribution and potential redistribution policies, stirring up controversy and accusations between political parties. The issue highlights growing income inequality and calls for radical measures to address economic disparities. While some experts advocate for progressive taxation and social spending to enhance economic equality, others caution against the potential negative impacts of wealth redistribution on individual incentives and overall economic growth. The ongoing debate underscores the complex challenges of wealth inequality in India and the need for thoughtful and effective solutions to ensure a fair and inclusive society. Key Points
Economic TimesTop 15 richest people in world have net worth over $100 billion
The richest 15 individuals have a combined net worth of $2.2 trillion, an increase of 13% this year, according to the Bloomberg Billionaires Index. Key Points
India TodayPiketty’s wealth tax is an idea that just can’t work
Hurun’s global list of billionaires and a study on Indian inequality have revived interest in Piketty’s proposal of a wealth tax. This is an idea whose time hasn’t come—and might never. Key Points
mintBengaluru's tech wealth is superficial, a mirage: Zerodha's Nikhil Kamath says Indian-IT capital has paper
Nikhil Kamath, co-founder of Zerodha, suggests Bengaluru's wealth may be superficial, based on stock options and paper assets, particularly in the tech industry. He reflects on his early career in a call center, contrasting his choices with peers entering the workforce. Kamath prefers renting over buying real estate due to inflated valuations, sparking online discussions. Key Points
Economic Times
India's richest 1% has highest concentration of wealth in decades, study shows
India's wealth inequality is at a six-decade high with the top 1% owning 40.1% of wealth. Foreign investments led to a surge in billionaires post-1992. PM Modi's tenure saw a widening rich-poor gap amid rapid economic growth. Key Points
Economic Timeswealth creators: RIL at the top; Adani Enterprises best all-rounder; Capri Global most consistent
Several businesses have created big value for investors amid fluctuating economic environment. ET wealth explores the finer details of Motilal Oswal's 28th Annual wealth Creation study. Key Points
Economic TimesWealthy & Wise: The surging trend of will writing among Indian young professionals
The trend that began with the pandemic has now gained traction, with young professionals attaching as much importance to estate planning as they are to wealth creation. Mumbai-based virtual will writing and advisory firm, WillJini, has received about 7,000 queries in the last six months. About four in ten such requests are from people in their 30s and 40s. Key Points
Economic TimesVodafone Idea, Yes Bank, Coal India among top 10 wealth destroyers on Dalal Street - Rs 5.6 lakh crore destroyed in 5 years
India Business News: Vodafone Idea has been identified as the biggest wealth destroyer on Dalal Street, with investors losing approximately Rs 1.39 lakh crore. The study r Key Points
Times Of India10 stocks destroy Rs 5.6 lakh crore in 5 years. Vodafone Idea, YES Bank top the list
In the last five years of Dalal Street history, 10 stocks - some of them popular with retail investors - have lost a total of Rs 564,300 crore. Vodafone Idea tops the list of wealth destroyers from 2018-2023 as investors in the cash-strapped telecom player have lost around Rs 1.39 lakh crore, according to Motilal Oswal's wealth creation study released today. Key Points
Economic Times
ICICI Bank, Adani Enterprises among consistent wealth creators
Noteworthy wealth creators in this period include Reliance Industries, TCS, ICICI Bank, Infosys and Bharti Airtel. Lloyds Metals emerged as the fastest wealth creator with the stock returning 79% on a compounded basis in this period. Key Points
Economic TimesBT500: 'Energy transition investment is one of the biggest wealth creation opportunities,' says Harvard's Vikram Gandhi
Speaking on the topic: 'The Sustainable Path to Profits', the professor said the mindset currently is that sustainability may come at the cost of profit. However, he said, sustainability is not about sacrificing profits. Key Points
Business TodayBT500 wealth Creators Summit: Hurun India founder lists 4 categories that will create most wealth in next 10 yrs
BT500 wealth Creators Summit: “India is a fantastic story from a wealth creation perspective. Over the next decade, based on our data, you would see more wealth creation happening from four categories," said Hurun India founder, Anas Rahman Junaid. Key Points
Business TodayHSBC hires UBS's Gautam Anand for role serving India's rich diaspora
“Our strategy is grow Singapore as an international wealth hub as part of our ambition to be Asias leading wealth manager,” Tommy Leung, the banks head of private banking for South Asia, said in the memo. Anands appointment will support the banks ability to serve clients across markets, said Leung, who joined the bank earlier this year also from UBS. Key Points
Economic TimesHSBC on track to meet China wealth hiring target despite economic headwinds
HSBC (HSBA.L) is on track to meet a target of expanding its China wealth business headcount to 3,000 by 2025, despite the country's current economic headwinds, as it bets on a steadily rising number of the extremely affluent, a senior executive said. Key Points
Reuters
Caledonia Investments solicits bids for $585 million wealth manager 7IM, sources say
Caledonia Investments (CLDN.L) has given prospective buyers until the end of the month to table indicative offers for wealth manager 7IM, two people familiar with the matter told Reuters, in the latest chapter of consolidation in Britain's money management industry. Key Points
ReutersFocus: UBS goes on hiring spree for wealth managers catering to rich Americans
UBS has gone on a U.S. recruiting drive for wealth managers catering to rich Americans even as it considers culling 30% of its combined global workforce after its takeover of Credit Suisse. Key Points
ReutersFrom tax reliefs to retail investors, Zerodha's CEO Nithin Kamath explains measures to boost startup investments
Zerodha CEO Nithin Kamath suggests reducing dependency on foreign venture capitals and better use of local wealth to drive startup investments in India. He advocates for schemes similar to UK's 50% tax relief and capital gains exemptions for startup investments. Key Points
mintETMarkets PMS Talk: This Rs 400 cr fund manager decodes methodology of 10x return in 10 years
We have crafted a strategy to pick stocks. The system has proven over time that it will pick best performing stocks and sectors in the portfolio, with our formula of PPP i.e. Price, Profits and People. Key Points
Economic Times2014, 2019, 2023: With a 350% climb in wealth, one Indian reigned supreme consistently on Hurun Global Ric
Throughout the last decade, only one Indian has maintained their position at the very top of Huruns Global Rich list. A quick look at 2014, 2019 and 2023 editions of the list shows that Reliance Industries Chairman Mukesh Ambani has reigned supreme among all other Indians. In the last ten years, Ambanis wealth has grown by over 350%. Key Points
Economic Times
Credit Suisse crisis sends shivers amongst wealthy Indians
Credit Suisse Group AG is likely to make wealthy Indians nervous, as they recall past uncertainty in terms of their business strategies. This year, Citigroup Inc. exited its retail operations in India, transferring all its wealth management business to Axis Bank while in the past decade, Credit Suisses new buyer — UBS AG, Morgan Stanley and Macquarie Group Ltd. have exited the countrys private-wealth busines Key Points
Economic TimesLike a Dragon: Infinite Wealth: Check out all editions and pre-order bonuses
Pre-orders for Like a Dragon: Infinite wealth are live, featuring Standard, Deluxe, and Ultimate editions. The game explores Hawaii and Japanese locations, offering diverse content. Key Points
Economic Times‘It’s about owning and projecting an aesthetic’: the rise of the stealth wealth shelf
A ceramic pot or two. A few sprigs of eucalyptus. White books as a plinth. And absolutely no kids’ paintings. When did shelves become more about status than storage? Key Points
the GuardianAfraid of spending your own money after retirement? Here's how to plan better and enjoy retired life
Thinking about wealth should not evoke feelings of anxiety and fear. Our responsibility for children is mostly over when they have found a profession or job. We can see ourselves as a safety net should something go wrong in their lives. But playing the role of a custodian and seeing our assets as theirs is harmful for both. Key Points
Economic TimesAs equity market rebounds, is it time to go full throttle on stocks?
The Indian stock market has delivered positive returns in April and May after underperforming in the first quarter of 2023, but experts urge caution. Rising interest rates affected both equity and debt returns in the first quarter, but Lotusdew wealth CEO Abhishek Banerjee suggests a relatively stable or falling interest-rate environment could boost equities. HDFC Securities' Deepak Jasani recommends investors move into debt to take advantage of the current peak in rates, but warns against shifting to equity too quickly. Meanwhile, TrustPlutus Wealth's Kaizad Hozdar calls for a systematic allocation to equities to benefit from an eventual recovery. Key Points
Economic Times
Millionaires Are Begging Governments to Tax Them More
A group of multimillionaires say it’s time to get serious about taxing wealth. They argue that this would promote economic stability and benefit everyone. Key Points
WIREDHSBC pledges India wealth commitment over Michelin star meal
HSBC announced that it is returning to private banking in India, where it had exited eight years ago. HSBC saw invested assets in India triple in 2022, growing its non-resident Indian customers 9% over the same period. The firm announced plans to recruit over two dozen wealth bankers for this fresh effort. HSBC's India private banking operation is aimed at professionals, entrepreneurs, and their families with investable assets of over $2mn. wealth management business contributes over 1/3 of HSBC's overall pretax profit. Key Points
Economic TimesETMarkets AIF Talk: Goal congruence among regulators essential to drive foreign interest in GIFT City: Aba
Technology, especially through robo-advisory platforms, has significantly shaped the development of Indian markets across asset classes. It contributes by using advanced algorithms for data analysis, pattern recognition, and algorithmic trading, enabling the creation and execution of complex trading strategies with precision. Additionally, robo advisors excel in risk management through sophisticated algorithms, operate 24/7 for continuous market monitoring, and can even incorporate behavioral analysis for a deeper understanding of market dynamics. Key Points
Economic TimesETMarkets Smart Talk- Plan to invest Rs 10 lakh? Here are 7 stocks for long term wealth creation: Vikram K
1Q24 was the first normal quarter after 1Q20, devoid of any covid wave during the quarter or base quarter. The demand scenario is mixed, with some green shoots in 2-wheelers and FMCG in rural India. Key Points
Economic TimesBarclays India head to join Centrum Group as the head of its wealth management
Sandeep Das, the India head of private banking clients at Barclays, is set to join Centrum Group as head of its wealth management subsidiary, Centrum Wealth, amid a top-deck reshuffle. Das, who has over three decades' experience, will fill a leadership void left by the removal of two managing directors last year due to loss of confidence . Key Points
Economic Times
ExplainSpeaking: Ultra-rich individuals are projected to keep leaving India in 2023. Why do the rich migrate from a country?
India’s likely net outflow (net of inflow and outflow) in 2023 will make it the second worst performer on losing HNWIs after China. In 2022, India saw an outflow of 7,500 such individuals. Key Points
The Indian ExpressCredit Suisse saw $69 billion of outflows in first quarter
The Swiss lender reported 47.1 billion francs of net outflows at the key wealth management unit, and said that a 1.3 billion franc impairment charge was mostly related to that business. The bank said that outflows have moderated but not yet reversed. Key Points
FinancialexpressHow should you allocate towards debt in portfolio now? Ashish Kehair answers
Following the changes in debt fund regulations, direct bonds and credit alternatives will become popular with retail investors, along with credit alternative investment funds (AIFs) and absolute returns AIFs for wealthier individuals. Recent Budget changes mean that debt mutual funds have become taxable, so investors may turn to these alternative instruments. Commenting on RBI policy, the MD & CEO of Nuvama Group, expects flows into debt to increase slightly, with further rate hikes unlikely. Key Points
Economic TimesMukesh Ambani only Indian in top 10 Hurun Global Rich List, Gautam Adani slips to 23 rank; 15 new billionaires
According to the Hurun Global Rich List, Gautam Adani lost Rs 3,000 crore every week over the last year. The biggest losers who saw their wealth plummet by billions are Jeff Bezos, Elon Musk, Sergey Brin, Larry Page and MacKenzie Scott followed by Gautam Adani and Family and Mukesh Ambani. Key Points
FinancialexpressAdani says report on securing $3 bln loan from a sovereign wealth fund is market rumour
Reuters reported yesterday citing two unnamed sources that Adani Group had told creditor about securing the loan. The credit line from the sovereign wealth fund could be upsized to $5 billion, the two sources said in Wednesday, citing a memo that was circulated to participants as highlights of a three-day investor roadshow that ended yesterday. Key Points
Economic Times
Mukesh Ambani overtakes Gautam Adani to emerge as the Richest Indian, Hurun India Rich List 2023 shows
Mukesh Ambani has surpassed Gautam Adani to become the richest Indian, according to the Hurun India Rich List 2023. Ambani's wealth exceeded Adani's by Rs 3.3 lakh crore, despite Adani being ahead by Rs 3 lakh crore in 2022. Cyrus Poonawalla retained the third position, while HCL Tech's Shiv Nadar and Radha Vembu of Zoho also featured on the list. Key Points
Economic TimesTo take care of possible headwinds: 4 largecap stocks from different sectors with upside potential of up t
Market has a strange habit of giving surprises on both sides, moving up when no one is expecting and news is bad all around. Falling when no one is expecting it to fall and there is good news all around. So, in today’s time when there is good news all around, right from higher GDP numbers to better GST collections and on micro front companies announcing more orders and even words like expansion of capacity coming back, instead of predicting the time when there will be a correction, just be ready for it. Ready by staying with large caps and that too with sectors and stocks where some tailwinds are emerging. This is not to say that there cannot be some underperformance in large cap space, but the fact is that over the long term these large caps not only create much more wealth but in a bearish phase, they tend to protect the wealth by falling less as compared to mid and small caps. Key Points
Economic Times4 large cap stocks with right mix of ROE & ROCE for wealth creation
Are banks more prone to interest rate cycle or is it manufacturing business which is more vulnerable to higher interest rates. Every business has its own capital requirement matrix and this is what makes them prone to risks of interest rate cycle. Of all the stocks, which our algorithms come up with, we took companies from different sectors. On the list, there is one of the biggest wealth creators from the specialty chemical space. ET screener powered by Refinitiv’s Stock Report Plus lists stocks with high upside potential over the next 12 months, having an average recommendation rating of “buy” or strong buy . Key Points
Economic TimesIndia's ultra-high net-worth individuals allocated six per cent of their wealth towards gold in 2022: Repo
Indian ultra-high net-worth individuals (UHNWIs) allocated around 6% of their investable wealth towards gold in 2022, second only to Austria, according to a survey by Knight Frank. In 2022, the average UHNWI wealth allocation in gold was 3% globally and 4% in the Asia Pacific region, the Knight Frank report said. Key Points
Economic TimesWant to create wealth? Equity is the choice. One has to take that risk: Neeraj Choksi
“In order to create wealth, three components are important. The more you save, the more wealth is created. If you invest in the right asset class and equity is the only asset class which gives real returns over long periods of time and the most deadly of that is N, that is the number of years of your investments. ” Key Points
Economic Times
Don't leave everything you own to your kids; 8-point checklist for your asset transfer plan
To think of your children as natural heirs and leave everything to them is a simple and noble thought. Do not allow your lack of preparedness or oversight to derail the implementation of this intent. Take estate planning seriously and apply strategic thought to it. Here's a checklist on how parents can transfer wealth to their children Key Points
Economic Times'Who wants to be a trillionaire': The game show is nearing its climax
A trillion dollars can purchase shares of all shares of McDonald's, PepsiCo, Coca-Cola, and more. Elon Musk is predicted to become the first trillionaire by 2032, followed by Bernard Arnault, Jeff Bezos, Larry Ellison, and Wareen Buffett. The term 'trillionaire' has sparked debates and calls for higher taxation on the ultrawealthy. Key Points
The Economic TimesMukesh Ambani re-joins $100 billion club as RIL stock surges
India Business News: Mukesh Ambani's wealth has reached $101.8 billion as shares of Reliance Industries Ltd rise. He is now the 12th richest person in the world and owns 4 Key Points
Times Of IndiaHow beneficial are premium banking services for HNIs?
Banks offer premium banking programmes to high net worth individuals (HNIs) who maintain a minimum total relationship value (TRV). These programmes offer exclusive privileges including premium debit and credit cards, zero to low forex mark-up on international transactions, lower interest rates on loans, and access to wealth management and lifestyle services. However, the TRV requirement is prohibitively high and customers may end up paying substantial fees towards wealth management, which could negate the value of the perks. Additionally, banks' relationship managers are incentivised to cross-sell products, which could result in mis-selling to customers. Key Points
mintUBS overhauls leadership at wealth management division
UBS's (UBSG.S) flagship global wealth management business on Thursday announced a raft of management changes triggered by the Swiss bank's takeover of Credit Suisse. Key Points
Reuters
How much money you need to join India's richest 1% club
Number of ultra-high-net-worth individuals in India, having net worth of over $30 million, fell 7.5% last year to 12,069 but will rise to 19,119 in the next five years, according to Knight Frank. Key Points
Economic Times‘Quiet luxury’: No flash, no logos, but big-time style
Call it stealth wealth, or quiet luxury. For the rich and those who aspire, logo-free fashion with outsized price tags is having a moment — at least among people who can spend in the face of higher inflation and a volatile economy. Key Points
The Indian ExpressMukesh Ambani only Indian in Hurun Global Rich List’s top 10 billionaires, Gautam Adani slips
Reliance Industries Limited chairman Mukesh Ambani emerged as the only Indian among the top 10 billionaires on the 2023 M3M Hurun Global Rich List. Billionaire Gautam Adani, on the other hand, has seen a sharp decline in his wealth. Key Points
India TodaySBI to deploy 2,000 bankers to target India's wealthy, ups game against rivals
SBI, which boasts over 22,500 branches across India, is stepping up its game amidst stiff competition from both global players like HSBC and Barclays and local firms such as 360 One WAM Ltd., ICICI Bank, and Axis Bank. Key Points
Business TodayZerodha’s Nikhil Kamath reveals his first salary, says ‘I was feeling really good’
Zerodha co-founder Nikhil Kamath started earning at the age of 17. He expressed that he felt ‘really good about himself’ as he had a wage. | Trending Key Points
Hindustan Times