He said that early in his career, his goal was modest — to build a corpus of around Rs 5 crore and retire. But after building one of India’s largest brokerage platforms, he now sees the widening gap in wealth and opportunity more clearly.
Kamath pointed out that wealth is increasingly concentrated among the top 1% and even more sharply within the top 0.1%, a trend he said has been amplified over the past decade. He attributed part of this to rising asset prices globally, noting that financial markets tend to disproportionately benefit those who already own assets.
“This isn’t unique to India,” he said, adding that similar patterns are visible across major economies. The post-2008 era of liquidity-driven growth in asset prices has, in his view, deepened this divide.
While stopping short of directly linking inequality to specific political outcomes, Kamath suggested that the trend is difficult to ignore when looking at global developments. “History rarely shows that sustained, extreme inequality ends well,” he said, warning that the current trajectory could lead to deeper social tensions.
He used a stark analogy to describe the situation, saying it feels like “sitting in a car with the brakes cut, watching a cliff approach,” especially with emerging technologies such as artificial intelligence potentially worsening disparities.
Kamath also questioned the broader purpose of wealth accumulation in financial assets. He argued that capital locked in assets that continue to appreciate does little to benefit society beyond those who already hold it.”Wealth that just sits in financial assets whose value keeps compounding upward doesn’t do much good for anyone beyond those who already have it,” he said.
Instead, he called for a shift in mindset, suggesting that even a small portion of wealth being redirected toward activities that improve lives could make a meaningful difference. “If that wealth isn’t in motion… the fabric that holds us together will only continue to fray,” he noted.
Kamath said that simple answers often fail to address structural challenges, and that a broader conversation is needed.
His remarks come at a time when debates around inequality, capital allocation and the societal impact of wealth creation are gaining traction globally, particularly with the rise of AI and automation.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
