⬅ # 135 Nicolas Puech|# 137 Joseph Lau

# 136 Uday Kotak 

$13.8B

Real Time Net Worth
as of 6/24/2024
-$7.0M (-0.05%)

# 136 Uday Kotak 

$13.8B

Real Time Net Worth
as of 6/24/2024
-$7.0M (-0.05%)
OccupationFounder and CEO, Kotak Mahindra Bank
Source of WealthBanking
Age65
ResidenceMumbai, India
Marital StatusMarried
Children2
EducationBS, University of Mumbai; MBA, University of Mumbai
Age-Adjusted Net Worth$9.87B
Uday Kotak
Uday Kotak
India
Net worth: $13.8B

Self-Made Score 

Wealth History

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Biography

Early Life and Education

Uday Suresh Kotak was born on March 15, 1959, into an upper-middle-class Gujarati Hindu family.
Raised in a household with 60 people sharing a common kitchen, the family was originally involved in combine trading.
Kotak's upbringing reflected 'Capitalism at work and Socialism at home.'
His pastimes included cricket and playing the sitar, though he admitted in a 2014 interview to no longer pursuing sitar playing.
Kotak's talent in mathematics influenced his career choice.
He earned a bachelor's degree from Sydenham College and completed a postgraduate degree in management studies in 1982 from Jamnalal Bajaj Institute of Management Studies.

Career

After completing his MBA, Kotak founded Kotak Capital Management Finance Ltd, later becoming Kotak Mahindra Finance Ltd.
With a seed capital of less than US$80,000 borrowed from family and friends, he transformed a bill-discounting start-up into a financial services conglomerate.
As of March 2022, the conglomerate had assets of US$68 billion, and Kotak Mahindra Bank became the third-largest private sector bank in India by market capitalization with over 1752 branches.
In 2014, Kotak almost doubled his wealth through a $2.4 billion deal for rival ING Vysya Bank.
In 2015, he entered the general insurance business and partnered with Sunil Mittal's Bharti Airtel to start a small payments bank.
Kotak reduced his stake in Kotak Mahindra Bank to 30%, as mandated by RBI, aiming to bring it down to 20%.
He was reported as one of the highest-paid CEOs of any Indian bank in August 2019, with a monthly salary of ₹27 lakh (US$34,000).
Kotak took over as President of the Confederation of Indian Industry (CII) for the year 2020-21.
In August 2023, Kotak's alternate fund management and investment advisory businesses were combined into Kotak Alternate Asset Managers (KAAM), making it the largest asset management entity in India with $18 billion in assets under management.

Banking Career

Spurning his family's trading business, Uday Kotak started a finance firm in 1985.
In 2003, Kotak Mahindra Finance Ltd. became the first company in India’s corporate history to receive a banking license from the Reserve Bank of India.
Kotak Mahindra Bank is currently among India's top four banks in the private sector, bolstered by its 2014 acquisition of ING Bank's Indian operations.
In 2020, Kotak sold some shares to reduce his stake in the bank as mandated by the Reserve Bank of India.
In September 2023, Kotak stepped down as CEO and managing director of Kotak Mahindra Bank, four months ahead of his retirement, taking on the role of a non-executive director on the board.

Family and Succession

Uday Kotak's son, Jay Kotak, a Harvard Business School graduate, is the vice president and co-head of the Kotak811 digital bank.

How long would it take you to become as rich as Uday Kotak?

If you started with $10,000 and invested an additional $500 each month at a 44.13% CAGR, it would take you 5 years to reach Uday Kotak's net worth of $13.8B.

Is this realistic? It depends how closely the VIX-TA-Macro Advanced model performs to its history in the future. Since Grizzly Bulls launched on January 1, 2022, it's returned 48.35% compared to 16.28% for the S&P 500 benchmark.

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Uday Kotak is very wealthy, but what's stopping you from reaching that same level of success? As summarized in our five fundamental rules to wealth building, becoming wealthy in a modern capitalist economy is not complicated. There's actually only three variables:

  1. Your starting capital
  2. Your earnings after expenses
  3. The compound annual growth rate (CAGR) of your savings

Most people start with zero or very little, so if you weren't born into wealth, don't fret! The majority of the fortunate folks listed in our Grizzly Bulls’ Billionaires Index came from middle class or lower backgrounds. The most distinguishing characteristic of the group is their ability to consistently earn a high CAGR on their savings.

Every billionaire has a unique strategy to achieve high CAGR. For Uday Kotak, Banking is the primary source. Whether you choose to invest your savings in your own businesses or the businesses of others is not as important. The salient piece of the puzzle is ensuring that your hard-earned savings are generating sufficient CAGR to reach your long term goals.

Most people simply invest their money in index funds and call it a day. There's nothing wrong with this approach, but it guarantees relative mediocrity. To achieve greatness, you need to invest your money to earn higher than average returns. In the long run, better investors will always finish ahead of better earners.

Source: Grizzly Bulls reporting

Methodology: Grizzly Bulls' Billionaires Index is a daily ranking of the world's billionaires and richest people. Grizzly Bulls strives to provide the most accurate net worth calculations available. We pull data from public equity markets, SEC filings, public real estate records, and other reputable sources.

The index is dynamic and updates daily at the close of U.S. stock market trading based on changes in the markets, economy, and updates to Grizzly Bulls' proprietary algorithm of personal wealth calculation. Stakes in public companies are tracked daily based on the relevant closing prices of the underlying securities. Additionally, stakes in private companies, cash, real estate, and other less easily valued assets are updated periodically through careful analysis of insider transactions, comparable public company sales / EBITDA multiples, etc.

Edited by: Lee Bailey