In his column, Goenka referenced other industry stalwarts like Narayana Murthy and S N Subrahmanyan, whose emphasis on working long hours seems outdated to today’s heirs.
Harsh Goenka, chairman of the RPG Group, recently sparked a conversation about the changing priorities of India’s young billionaire heirs. Echoing concerns raised by banker Uday Kotak, Goenka raised a critical point: today’s heirs are spending more time in luxury settings and managing wealth than building businesses.
“Instead of rolling up their sleeves and sweating it out in the trenches of business and industry, they’re busy trading, speculating, and running family offices,” Goenka observed in his opinion piece for The Economic Times. His words strike a chord with a growing sentiment that India’s future business leaders are shying away from the hard work and responsibility that once defined the nation’s entrepreneurial elite.
In earlier generations, being born into a business family meant inheriting responsibility before wealth. Successors were expected to learn the intricacies of supply chains and operations by spending their youth on factory floors and in boardrooms. They understood how to manage capital, handle labor strikes, and strategize for long-term growth. Today, however, the new generation seems more focused on managing passive income streams, with fewer concerns for the complexities of running actual businesses.
“There was a time when young successors spent their youth learning how money was actually made. They worked 12-hour days, endured laborious tasks, and earned their way up the ladder. Now, the next generation is more likely to be found holding a golf club, a champagne flute, or cruising in a Lamborghini,” Goenka noted. He highlights the growing appeal of family offices — private firms that manage generational wealth without the operational headaches of business management.
Goenka suggests that the allure of family offices is clear: they’re risk-free, stress-free, and offer a tan-friendly lifestyle. “No labor strikes, no messy operations, no innovation headaches,” he quipped, adding that many of today’s business heirs prefer managing portfolios through hedge funds or private equity, with a side of luxury vacations. “Who needs the stress of managing employees and production lines when you can manage a diversified stock portfolio and an impressive sneaker collection?”
Unlike the predecessors who measured success by expanding market cap and long-term legacies, today’s scions often measure success by more superficial metrics like social media presence or getting featured on the Forbes 30 Under 30 list. “They also have a very specific aesthetic: Gucci or Prada jackets paired with gym shoes — because wealth should be comfortable,” Goenka wryly remarked.
Goenka also shared his observations on the popular ‘hustle culture’ adopted by many heirs. A typical family office workday has little to do with actual work. Instead, it often involves waking up late, reading motivational quotes on Instagram, attending gym sessions with Bollywood trainers, and hosting meetings disguised as lavish vacations.
While these heirs often idolize entrepreneurs like Elon Musk for their bold risk-taking and innovative spirit, Goenka finds the irony hard to ignore. “They love quoting him (Musk), but could never survive even a week of his gruelling schedule,” he pointed out. Musk, who built his empire from scratch, contrasts sharply with this generation’s reluctance to engage in the hard work and sacrifices that come with entrepreneurship.
In his column, Goenka referenced other industry stalwarts like Narayana Murthy and S N Subrahmanyan, whose emphasis on working long hours seems outdated to today’s heirs. “They roll their eyes at Narayana Murthy and S N Subrahmanyan, those ‘boomers’ who talk about working 70-90 hours a week,” Goenka wrote.
Despite the criticisms, Goenka remains hopeful that not all of the next generation is lost to the world of luxury and speculation. Some young inheritors are waking up to the realization that “real money isn’t made by flipping stocks, or posting hustler memes. It’s made by actually running businesses.”
For those who fail in their investments, Goenka jokingly outlined a potential ‘Plan B’. “Start a VC fund. If that fails, write a book, Lessons Learnt from Failure. And if that fails, marry an heiress and double your net worth.” He highlights a growing trend where some heirs may prefer inheriting wealth rather than building it.
The grand question that remains, according to Goenka, is whether the next generation will choose to build businesses or focus on their luxury lifestyles. Will they emerge as leaders or LinkedIn influencers? Entrepreneurs or pure entertainers? Only time—and perhaps their personal stylists—will tell. But, as Goenka humorously concluded, “If you’re a private wealth manager, congratulations. You’ve found your dream clientele.”