Billionaire bonanza

So finally India leads world's most coveted list. 4 out of top 10 (or top 8, if you want to make it look more attractive) in Forbes World's Richest Men list are Indians. So what does this list mean for Indians and the world.

The biggest news comes from the giants - Indians and Chinese.

Though India has contributed 19 new members to this elite group, China topped with 28 new members. However, more than these numbers, it is the change in the mentality of a "Communist" country that is remarkable. If this list is any indication, Money is no more a bad word in China (Left parties...please listen).

For India, this list has plenty of lessons. All the 3.5 Indian super richies - Mukesh Ambani, Anil Ambani, K P Singh and L N Mittal (no points for guessing who the 0.5 Indian is) started their business less than 50 years ago (Its Dhirubhai for Anil and Mukesh). Among traditional business families, only Kumar Mangalam Birla is in top 10 Indians. Our remianing century old traditional rich guys - Godrej, Singhania, Bajaj, Wadia are way too behind. It's not fair to include Tatas in this race as fortunately for India, their priorities are different. Legacy is a double edged sword. While it gives you the initial momentum, it may make you turn a blind eye to the changes around you.

Most of the traditional business families prospered in the License Raj, not because of government support but because of the initial start which their competion could not match. However, these families lived in the illusion of License Raj a bit too much. They missed the "services" bonanza, not by choice but by simply ignoring it....To Be Continued