May 13, 2008

Indian Expansion: Four of the World's Richest Eight People Are From India

The Wall Street Journal India writes here about India's billionaires. Are they robber barons or are they helping improve the lives of Indians? In the article, Mark Perry and Madhukar Angur say...

"First, it should be recognized that in the process of creating personal fortunes, India’s billionaires create vast amounts of wealth for others, including thousands of employees. Consider Azim Premji. At the age of 21, he took over Wipro in 1966, and helped transform it from a vegetable oil and soap company with $2 million in annual sales into a $5 billion global IT giant.

Premji obviously couldn’t have orchestrated the explosive growth of Wipro without the help of others. Wipro currently has a staff of more than 73,000, and most of those jobs are in India, and most of those jobs are relatively highly paid. The Wipro example is not unique. In almost all cases, billionaires amass personal wealth by creating large organizations that generate millions of jobs.

And these large billionaire-led organizations typically create employment opportunities across the board, from the lowest unskilled positions to highly paid executives. It has been estimated that India’s top 10 billionaires have collectively created more than one million jobs in their companies.

India is a much more prosperous country today, and has a much larger middle class with its abundance of billionaires, than it was 10 years ago, when billionaires were scarce. When the Forbes list of world billionaires comes out next year, India should aspire for many more on that list since it will be a sure sign that more wealth is being created for everybody."


Anonymous said...

so although extremely wealthy people are suppose to be really selfish perhaps that's a good thing because it helps hundreds of people obtain jobs and move from poor to middle class.

Anonymous said...

Pretty soon the United States is not going to have the richest people. Other countries are becoming more developed causing other nations to rise on the wealthiest nation scale. In India the billionaires have benefited by giving jobs to other people. These multi-billionaires create their money thanks to their other employees.
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