MEET MAN WITH RS 9000 CRORE NET WORTH WHOSE 1ST PAY WAS RS 8000, DONATED RS 100 CRORE LAST YEAR

Nikhil Kamath, one of the country's youngest billionaires, has signed the Giving Pledge, which entails donating large chunks of personal wealth to charity. The initiative was founded by Warren Buffet, Bill Gates and Melinda Gates in 2010. Kamath is the co-founder of Zerodha, a bootstrapped startup whose profit in FY 2022 was Rs 2094 crore.

Nikhil Kamath said in the pledge that he was committed to positively impacting the world and creating a more equitable society. He has committed to give away 50 percent of his wealth towards areas like climate change, education and health care.

Rohini and Nandan Nilekani, Azim Premji, Kiran Mazumdar-Shaw, Anil Agarwal, Shobha Menon are the other high-wealth individuals who signed the Giving Pledge in the past. So far, 241 philanthropists from 29 countries have signed the pledge.

Kamath's brother Nithin Kamath is also a billionaire. They had donated Rs 100 crore last year, according to the EdelGive-Hurun India Philanthropy List 2022.

In 2021, the brothers had been planning to give back Rs 750 crore over the next three years.

Who is Nikhil Kamath?

Nikhil Kamath was born on September 5, 1987. He didn't like school. He started working at a tender age of 17. His first job was at a call centre. His first salary was Rs 8000. Along with the job, he started stock trading. He didn't pay much attention to the side hustle until he started making significant profit in this field.

He started Zerodha in partnership with brother Nithin Kamath. Later, he started a hedge fund named True Beacon. He also started the fintech incubator Rainmatter. At the age of 34, he became a billionaire.

The combined net worth of the brothers is a whopping 3.45 billion dollars (over Rs 28,000 crore).

They are also a part of the Young India Philanthropic Pledge. Under this, individuals are required to donate 25 percent of their wealth.

According to the Forbes World's Billionaires List, Nithin Kamath's net worth was 2.7 billion dollars. Nikhil Kamath's net worth was 1.1 billion dollars (Rs 9000 crore).

In 2021, Hindu reported that Nikhil Kamath's salary package would be Rs 100 crore per year. His monthly salary would entail Rs 4.16 crore salary, Rs 2 crore house rent allowance, Rs 1.6 crore other perquisites and Rs 41 lakh as other allowances.

Nithin Kamath had later clarified the report in a series of tweets.

“We are a private company & no obligations to clarify, but we thought maybe we should, as there are folks who are misinterpreting this. Firstly the reported figure isn’t the actual salary being drawn. This is an enabling resolution that allows us as working promoters to draw salaries up to the number in case of liquidity requirements,” he wrote.

“Running a business is like trading, you can be up or down very easily. It is important to take liquidity out when you are “up” to de-risk,” he added. 

He said they had always taken out 15 percent of profits to de-risk.

2023-06-10T14:28:04Z dg43tfdfdgfd