The Mumbai banker’s $20 billion private-wealth-management unit has become India’s biggest by assets.
Nirmal Jain has hit the jackpot serving the new rich in the...
Armani built a multibillion-dollar global brand from something as simple as an unstructured jacket, and broke down the walls between formal and casual.
From Munir’s point of view, a few bumps here and there is par for the course. He isn’t going to drive his dumper truck to its doom. He wants to use it as a weapon.
One feels no envy – much less jealousy – towards the dollar billionaires. They have created wealth, and we need much more of that process to continue. However, in a country where so many citizens are poor or lower middle class, it makes a lot of sense to enjoy one’s wealth with a sense of discernment, not make a spectacle of it. It sometimes feeds into perceptions – not always founded in fact – that fortunes are made by gaming the system rather than genuine enterprise and innovation. And when some of India’s seriously rich people default on bank loans, that adds greatly to public resentment.
One feels no envy – much less jealousy – towards the dollar billionaires. They have created wealth, and we need much more of that process to continue. However, in a country where so many citizens are poor or lower middle class, it makes a lot of sense to enjoy one’s wealth with a sense of discernment, not make a spectacle of it. It sometimes feeds into perceptions – not always founded in fact – that fortunes are made by gaming the system rather than genuine enterprise and innovation. And when some of India’s seriously rich people default on bank loans, that adds greatly to public resentment.