India's superrich get even richer

[dk]

India's superrich get even richer
http://www.csmonitor.com/2007/1218/p01s04-wosc.html?page=1
NEW DELHI and PUNE, INDIA - The mansion of Mukesh Ambani, the richest man in India, is something more than the average dream house. When construction is completed next year, his home will top 570 feet – the equivalent of a 60-story skyscraper – and include a helipad, six floors of parking, and 600 servants for a family of six.

Rising from a Bombay (Mumbai) neighborhood where rents run at $2,000 per square foot, the home is a monument to the enormous wealth generated by India's stock market – and how it has created a class of Indian superrich.

Since February 2007, the value of India's stock market has doubled to 20000 points, and the biggest winners have been India's richest. Based on these gains, India's four wealthiest men are now worth more than China's 40 wealthiest combined.
Simply amazing how wealthy these people are suddenly becoming.:ohmy:

[TheNoNamedOne]

[/INDENT]Simply amazing how wealthy these people are suddenly becoming.:ohmy:

Indeed. But nothing a nice little nuclear war with Pakistan could fix.

[FDokinawa]

why in the hell do you need 600 friggen servants??

[TheNoNamedOne]

Because the Jones family living across the street has 599 servants.

[dk]

why in the hell do you need 600 friggen servants??
I was wondering the same thing. Just amazing...

These guys' toothbrushes probably cost more money than I'll ever see in my entire life.

[dk]

Funny this guy probably never WORKED an hour in his life!:-|
Worked as in blue-collar work?

What's that matter?

I thought he was a CEO. Maybe I need to go back and re-read the article.

Edit: Yep.

Mr. Ambani's fortune, estimated at $49 billion by Forbes, is built largely on the success of the stock of his company, Reliance Industries Ltd., which runs oil rigs and supermarkets, among other things. Last year, when stocks hit 10000, his wealth was one-quarter of its current total.
Sure, he has others who do the work for him, but generally that's how it goes the higher you rise up the food chain.

[DougP]

I thought you couldn't really rise up in the food chain in India. Figured you were pretty much stuck within a certain level due to the caste system.

[TheNoNamedOne]

I thought you couldn't really rise up in the food chain in India. Figured you were pretty much stuck within a certain level due to the caste system.

I think the government has been drafting laws, passing them, and pushing policies to push back the caste system as much as possible.

I remember a story in the paper a year or two ago where an "untouchable" actually became a rural banker offering loans to anyone -- even higher casts who came to him for money. His only requirement for them to pass the loan application was for them to share a drink of water from the same glass -- a test and hit at knocking down the caste system all in one. The paper said that was a big step for a higher caste person to take because they even tried to avoid stepping on the same dirt on the paths that an untouchable had walked over moments before.

I had searched for that article a while back but couldn't track it down. But it was quite interesting.

[dk]

I thought you couldn't really rise up in the food chain in India. Figured you were pretty much stuck within a certain level due to the caste system.
Well, last year, his wealth was 1/4 of what it is now, so that's sort of what I meant... When you're a CEO, you really can't go much higher in your company... But, when your net worth raises like that in one year, you're not going to have to ever get your hands dirty again if you don't want.

I'd be satisfied with a billion dollars...

[DougP]

Well I still give the guy props on his success.:D

[dk]

Well I still give the guy props on his success.:D
Exactly my point. :p

I don't think having worked a blue-collar job should be a prerequisie to being wealthy. Sure, it might help someone appreciate the wealth more, but that's about it.

It would be nice if guys like this would dump some of the money into the country's infrastructure though.

[Mad Hatter]

I'll take a dump in their infrastructure... and you know I will too!!