Net worth 2019: $ 11.8 B
The 60-year-old Uday Kotak is the richest banker in Asia with wealth of $11.8 billion, according to Forbes. He is also the sixth richest person in India, as per the Hurun Rich List 2019. His net worth grew by 268% from $3 billion in 2010 to $ 11.8 billion in 2019, primarily because of the increased value of his shareholding in Kotak Mahindra Bank.
According to Bloomberg Billionaire Index, as of 9 October 2019, Uday Kotak holds a whopping $13.7 B. The billionaire also owns 95% stake in the Business Standard, a financial newspaper in India.
Net worth 2018: $ 10.7 B
Most of Uday’s fortune comes from his 30% stake in Mumbai-based Kotak Mahindra Bank. His source of fortune has also become a source of controversy.
According to Bloomberg, RBI wants Uday to reduce his stake in the bank by 15% by the end of FY 2020, owing to a regulation that restricts the founder's stake in the bank.
Kotak has been fighting to keep his stake in the bank for a decade now.
Net worth 2017: $ 8 B
Despite a cold war with RBI, Uday Kotak got richer year by year since March 2014.
In the same year , Kotak Mahindra acquired ING Vysya Bank for $2.4 billion which doubled the wealth of the bank and increased his share value.
Uday’s shares outperformed his peers primarily because his bank manages asset quality well, reported Bloomberg.
Net worth 2016: $ 6.3 B
Kotak started a non banking financial company in 1985 providing only bill discounting service.At that time, India’s economic growth was stagnant at 3.5% a year, according to Euromoney. Kotak’s NBFC was the first to convert into a bank.
Kotak got its banking license in 2003, when a founder needed to have at least 40% stake in the bank. Two years later, RBI introduced new guidelines where the permissible founders' stake dropped to 10%. .
Today, the bank has operations across commercial banking, mutual funds, asset reconstruction, investment banking, insurance etc.
Over the last fifteen years the bank saw an exponential growth in its profit increasing from ₹333 crore in 2003-04 to ₹9158 crore in 2017-18.
Net worth 2015: $ 7.2
In 2008, Uday Kotak was given six months to take action against his shareholdings. But nothing happened. Another regulatory change in 2013 by RBI required the founder to keep only 15% stake. after 12 years of experience. As his stake remained steady, his wealth only increased.
Kotak has missed several deadlines since then. A few years back he even sold non-cumulative preference shares worth $7million to retain his stake.
But money isn’t a big motivator for him. He once told Financial Times “Money is an outcome of successful entrepreneurship rather than a goal.”
Net worth 2014: $3.8 B
Uday Kotak and family owns the Champagne house in Mumbai’s Worli. Kotak reportedly bought the bunglow at a price of ₹385 crore, which is 20% above the market rate, reported Live Mint.
Kotak is also known for his colourful and humorous speeches amongst his peers. He recently said that number eight is unlucky for the economy as bad events occurred in 1998, 2008 and 2018. He also has an interesting prophecy---that Indian economy will have a happy ending like in a Bollywood movie!
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