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The Wealth Wallahs: The Story of India's New Wealthy and the company that built itself on managing their riches
By 2018, India will be home to 3.58 lakh millionaires, doubling its tally from 1.5 lakh in 2013. In a country where risk is fast proving to be its own reward, a new cadre of wealth creators is building large fortunes at a breakneck pace. Not only do their successes mirror a bolder nation, they reflect new attitudes to generating, managing and leveraging wealth in a changing India. Gold biscuits, cash stuffed in mattresses and swathes of land are passé; aspirational India is no longer at the mercy of old conduits to more wealth. India is creating wealth differently and faster than any other economy in the world. This book chronicles the story of the country's new wealthy and the people helping them manage these riches. It also traces the journey of a young wealth management company that has in less than a decade become an industry frontrunner by building a business catering to the new wealthy. In a post-2008 world, the story of IIFL Wealth and its three founders is also a story of entrepreneurial dynamism in India. Much like the clients they service, these three are also riding a perfect storm of opportunity.
- GenresBusiness
231 pages, Kindle Edition
Published October 28, 2016
19 people are currently reading
64 people want to read
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Displaying 1 - 8 of 8 reviews
November 29, 2018
THE NUMBER OF HNI'S IN INDIA GREW 26% IN 2015 - THE HIGHEST GROWTH RATE GLOBALLY.
In 8 years IIFL Wealth had US$12b AUM of which 70% was first generation wealth. Entrepreneurs serving entrepreneurs.
India opened its economy in 1991. In the 15 years to 2015 the economy has increased 4x.
In 2015 India had the 3rd most billionaires.
India has one of the highest inequalities globally. The richest 1% have 53% of the country's wealth, compared to 37% in the US.
Indians are good savers, borne out of the scarcity mindset of the previous generation.
Wealth, power and sex have the strongest attraction to the human ego.
India is one of the youngest populations in the world with 54% below 25 years old.
The French have an ambivalent to condescending attitude towards money and its lesser importance in determining class.
China and India represent 10.5% of global wealth. Expected to be >20% in 15 years.
There is a great inclination to splurge in China because the wealthy there live with an inherent threat that the riches might go as you never know what the Chinese Govt might do.
India's traditional wealthy have been disproportionally invested in real estate and gold. India has a low % of financial assets.
Ownership of Indians in Indian companies have fallen over the past 20 years due in part to the high profile market scams in the 1990's.
It is the responsibility of each generation to make sure the next generation doesn't suffer any animosity as far as wealth is concerned.
Wealth created in India has to managed in India.
Portfolio performance drives 95% of customer delight, everything else is 5%.
In 8 years IIFL Wealth had US$12b AUM of which 70% was first generation wealth. Entrepreneurs serving entrepreneurs.
India opened its economy in 1991. In the 15 years to 2015 the economy has increased 4x.
In 2015 India had the 3rd most billionaires.
India has one of the highest inequalities globally. The richest 1% have 53% of the country's wealth, compared to 37% in the US.
Indians are good savers, borne out of the scarcity mindset of the previous generation.
Wealth, power and sex have the strongest attraction to the human ego.
India is one of the youngest populations in the world with 54% below 25 years old.
The French have an ambivalent to condescending attitude towards money and its lesser importance in determining class.
China and India represent 10.5% of global wealth. Expected to be >20% in 15 years.
There is a great inclination to splurge in China because the wealthy there live with an inherent threat that the riches might go as you never know what the Chinese Govt might do.
India's traditional wealthy have been disproportionally invested in real estate and gold. India has a low % of financial assets.
Ownership of Indians in Indian companies have fallen over the past 20 years due in part to the high profile market scams in the 1990's.
It is the responsibility of each generation to make sure the next generation doesn't suffer any animosity as far as wealth is concerned.
Wealth created in India has to managed in India.
Portfolio performance drives 95% of customer delight, everything else is 5%.
August 31, 2017
The story of the evolution of the wealth management industry in India, with the home-grown success of IIFL Wealth Management at the core of the author's story. Gives insight into the minds of the noveau Indian rich, especially first generation entrepreneurs who have become rich by starting, growing and selling businesses in compressed timeframes and those who have built their business painstakingly over decades. Throws some light on these people's attitude about money and how it is different from those of earlier generations of Indians. Most of the book is about how the founders of IIFL Wealth became successful by focusing on this specific segment in a market cluttered mostly by global private bankers and how and why the latter have gradually been forced to retreat from the Indian wealth management space. Besides these aspects, some details on how the wealth management industry works and what one needs to build a successful career in the same add marginal value.
August 17, 2021
Wealth Wallah's is a good book to understand how IIFL Wealth grew with the efforts of three young men. The book documents their journey from being wealth managers for Kotak to the building of IIFL The first part of the book talks about the changing dynamics of wealthy in India from high salaried professionals to tech entrepreneurs.
The book then moves to the story of how IIFL Wealth built a network of clients across India. It is an interesting sneak peak into the industry and it's way of working.
3/5 Stars
The book then moves to the story of how IIFL Wealth built a network of clients across India. It is an interesting sneak peak into the industry and it's way of working.
3/5 Stars
July 20, 2018
Painstakingly researched
Lot of space utilized in painting the picture of the clientele in the first half. IIFL story starts almost in the second half. Honest, doesn't shy away from calling out unflattering aspects. A well researched exploration of world of private banking and wealth management.
Lot of space utilized in painting the picture of the clientele in the first half. IIFL story starts almost in the second half. Honest, doesn't shy away from calling out unflattering aspects. A well researched exploration of world of private banking and wealth management.
May 5, 2017
Throughly enjoyed reading The Wealth Wallas. This book should be introduced in Business schools for giving students a perspective on changing & emerging India. Young executives whether in investment management or otherwise can learn to be efficient entrepreneurs.
April 27, 2024
Some interesting datasets...few inspirational people anecdotes like Vijay Shekhar sharma..Kunal Shah....
Rest this book is more of statistics which can be used in a ppt presentation..
Can be tried if u have extra time..
Rest this book is more of statistics which can be used in a ppt presentation..
Can be tried if u have extra time..
November 18, 2017
Read it to know about the India's new rich and understand about the wealth management Industry in India and it's evolution post financial crisis.
April 1, 2017
Very well written. My pet peeve with business/economy books is that it always gets boring at some point of time. This book is one of the exceptions.
This book attempts to provide a brief study on India's new rich while tracking the story of IIFL Wealth since its inception. I started reading this book with the expectation to get much more details into the lifestyle and wealth management of India’s new rich. The book falls short on that expectation. But the writing more than compensates for this.
This book attempts to provide a brief study on India's new rich while tracking the story of IIFL Wealth since its inception. I started reading this book with the expectation to get much more details into the lifestyle and wealth management of India’s new rich. The book falls short on that expectation. But the writing more than compensates for this.
Displaying 1 - 8 of 8 reviews