Billionaire mindset: Needless to say, billionaires are excellent at their business. Be it making themselves a brand or building one, they are the origin story of hustle culture. However, the cultural environment has a huge role to play in how they build their empire. In an era of building conglomerates, high-net-worth individuals hold a diverse array of assets. From Larry Ellison’s passion for yacht racing to Gautam Adani‘s media ventures, the societal framework largely impacts how billionaires differ.
While societal differences have a direct correlation to their geographic origin, but Karan Bhagat, India’s ace entrepreneur and investor, opined that there is no such difference between Indian, American, Chinese, and Arab billionaires. Speaking to podcaster Raj Shamani, the 360 One CEO explained how money habits change with geographic boundaries.
Indian vs American vs Chinese vs Arab billionaires
It is not a hidden fact that Eastern countries tend to have a collectivist society and focus largely on business development. On the other hand, Western societies are individualistic and give prime importance to personal development, based on one’s goals.
Echoing this deep-rooted psychological theory, Bhagat agreed and said, “Billionaires in America have interests beyond work. But the Chinese are always focused on work, work, work,” comparing US-based billionaires and the Chinese. In fact, he noted that the former are much broader. “Every billionaire owns a sports team…they make business out of everything,” the CEO added, explaining how the western billionaires have learnt to monetise their passion projects.
When it comes to India, he called Indian billionaires ‘inclusive.’ “When it comes to India, business is inward,” he explained. “If you go to China, every billionaire wants to eventually move out of China,” and explained how they invest in several geographic locations and assets.
“Generally, US and European billionaires are able to do more outside the business – be it passion, sports, or another business,” the entrepreneur remarked. He emphasised how sports and media are the major billionaire magnets when it comes to expansion or investment outside their core area of revenue. “Culture, sports, media – all three are important for them; however, it is slightly lesser for Indian billionaires,” Bhagat opined.
‘Arab billionaires are doing a lot’
As per Karan Bhagat, Arab billionaires appear to be a class apart. “They are able to outsource their professional management very well,” he explained. There is a common notion, as per Bhagat, that Arab billionaires hardly do anything are rooted in generational wealth; but they ‘are doing a lot.’
According to Bhagat, “Arab billionaires are enjoying the most free time,” when it comes to comparing Indians, the Americans, and even the Chinese – who are monetising several assets or working on fortifying their current positioning. On the other hand, Arab billionaires have a single commodity to worry about – oil. “They are able to figure out a way where their involvement in primary businesses is substantially low”
