'I'm for wealth inequality...': Capitalmind's Deepak Shenoy draws heat for touting rich as India's saviors

Capitalmind founder Deepak Shenoy lit up social media by declaring he’s “for wealth inequality,” arguing that billionaires are essential to India’s economic progress — not a threat to it.

“I think I’m firmly on the side of people wanting to be billionaires. Which means I’m for wealth inequality,” Shenoy wrote on X.

He insisted that even as the rich get richer, the poor also rise — just not as fast. “Money isn’t meant to be distributed, it’s meant to be spent,” he said, contending that spending, not redistribution, fuels economic growth.

“With more spending comes more opportunities to create and make better. With that are new ideas, and new entrepreneurs and this, new wealth,” he added.

Shenoy praised India’s new rich for breaking from past habits of hoarding. “The rich of the earlier generation hoarded their money… The new rich spend it, and generate money and wealth for others.” He believes this consumption-led dynamic naturally spreads prosperity: “This is an India that will distribute wealth but not by design.”

But not everyone was sold. One user pushed back, arguing that the conversation should go deeper: “If we’re talking in idealized hypotheticals then we should talk about who owns the wealth-generating assets… why not consider co-operative ownership structures?” the user wrote. “That’s not anti–free market. It gives MORE people a chance to spend!”

Another commenter proposed a targeted approach to idle fortunes. “Key is what is that threshold level of unspent wealth… which we can force someone to either spend by way of Capex or taxation,” the user wrote. “It’s the unspent wealth which is the point I think of taxing billionaires, and it does hold merit :)”

Shenoy, however, stayed firm: “The only equalizer is death… But till then, progress will come on the back of an unequal wealth society (economically, only. The caste system is horrible).”