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Below Average Student, Blew Up His Money In 20s, Is India’s Fourth-Youngest Billionaire Today

Nithin Kamath, the 44-year-old CEO of Zerodha, is the fourth-youngest Indian billionaire on the latest Forbes list, with a net worth of $4.8 billion. 

The Unique Story Of The Billionaire:

The founders of Zerodha, Nithin Kamath and Nikhil Kamath, are at the top of this year’s Forbes list. 

36-year-old Nikhil Kamath is the youngest Indian billionaire and his wealth has been pegged at $3.1 billion by Forbes while 44-year-old Nithin Kamath is the fourth-youngest Indian billionaire with his wealth being pegged at $4.8 billion.

On his website, Nithin Kamath says that although he is no longer actively involved in trading, still has a passion for trading and capital markets. Besides Zerodha, a stock broker company, of which Nithinis the founder and CEO, Kamath also contributes to the startup ecosystem through the Rainmatter fintech fund and established the Rainmatter Foundation to give back to society.

Rainmatter Foundation is a non-profit organization in Bengaluru, that supports climate action, a healthier environment, and related livelihoods. The main focus is to foster long-term, sustainable ecosystems with minimal environmental impact. 

Talking about his academic journey, Kamath admits to being below average in school but stumbled upon trading and the markets at just 17, that too by chance. 

He underwent the highs and lows that are characteristics of every seasoned trader, including financial setbacks in the early 2000s that led to a period of debt repayment while working in a call center. However, he eventually transitioned into managing portfolios after encountering someone who entrusted him with the task.

In the early 2000s, I borrowed money and blew up my trading account and then worked in a call center for 4 years trying to make up for the debt, while also trading on the side,” he said.

The Professional Side:

His entrepreneurial journey began when he became a franchisee of Reliance Money to kickstart a formal advisory business. 

During this time, Nikhil Kamath, his brother, joined him and put forward the idea of establishing a brokerage firm tailored to the needs of traders like themselves. However, they lacked the formal education, tech background, and experience to do so. Yet, they pooled together resources to launch Zerodha as a small team in 2010 with a shared passion for capital markets and a mission to assist fellow traders.

Introducing a flat fee model, capped at Rs. 20 per trade, was one of Zerodha’s pioneering initiatives which significantly reduced brokerage charges for traders compared to the prevailing percentage-based fees at the time.

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Number Of Billionaires At The Record High:

There are currently a record number of billionaires worldwide, totalling 2,781 individuals, and their collective wealth has reached $14.2 trillion.  

The United States leads in billionaire count, with a record 813 individuals. China holds the second position with 473 billionaires (including Hong Kong), despite challenges such as weak consumer spending and a real estate downturn.

While India, with a record 200 billionaires, ranks third. Indian stock market rally has led to 200 Indians making it onto Forbes’ 2024 list of the World’s Billionaires, with their combined wealth nearing a trillion dollars. 

Mukesh Ambani’s net worth has soared to $116 billion from $83 billion, driven by the impressive performance of his Reliance Industries conglomerate in the stock market.

Moreover, twenty-five new Indian billionaires made their debut in the said list. Among them are Naresh Trehan, a leading cardiac surgeon-turned-healthcare entrepreneur, and founder of Kaynes Technology, who also owns and runs the Medanta chain of hospitals and Ramesh Kunhikannan.

Only four people from last year’s list dropped off this time, including Byju Raveendran, whose firm Byju’s was enveloped in multiple crises.

Image Credits: Google Images

Feature image designed by Saudamini Seth

Sources: The Economic Times, Moneycontrol, Forbes

Find the blogger: Unusha Ahmad

This post is tagged under: billionaires, India, youth, average student, dropout, Forbes, Zerodha, Byjus, CEO, Bengaluru, Reliance Money, stock broker, brokerage firms, United States, Hong Kong, China, Mukesh Ambani,  Kaynes Technology

 Disclaimer: We do not hold any right, copyright over any of the images used, these have been taken from Google. In case of credits or removal, the owner may kindly mail us.

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