By Kollengode S Venkataraman (Written in 2003)
On May 13, 2003, the Indian media widely quoted a Merrill Lynch study that said that in the US, over 200,000 people of Indian origin have a net worth over $1 million each. This study was done in 2000 during the overheated “dot.com” euphoria days, well before the bubble burst. But still, this number is impressive considering that we have only two million people of Indian origin in the US. Assuming an average of 3.5 people per household, this is around 500,000 families. So, roughly, one in three families of people of Indian origin is a (multi)millionaire household.
Granted, a million these days is not what a million used to be, say, in the 1970s and 80s. Granted, the study’s basis for net worth includes homes, stocks, 401-k, PAYSOPs, and other savings.
But considering that the US has only 2.1 million millionaires in a population of 280 million, the 200,000 desi millionaires are noteworthy. On this basis, nearly 1 out of 11 millionaires in the US is Desi.
Also, while the national median family income is around $38,500, the median family income of a desi household is over $60,000. As observed by Merrill Lynch executives, these 200,000 Indian millionaires, along with their less wealthy NRIs — and also shall we say, less “worthy” NRIs, given our obsession with wealth — we may be the wealthiest immigrant group in the United States.
This is impressive any which way you analyze. The desi millionaires are among physicians and surgeons, motel owners, entrepreneurs, business executives, and two-career professional couples.
Even without the Merrill Lynch study, the resourcefulness of the Indian immigrants is well recognized by real estate agents, auto dealers, financial planners, banquet organizers, brokerage houses, insurance agents, and lawyers.
We have every reason to be proud of our accomplishments given that most of us have come to this country with the proverbial “$100 in pocket” that our children have heard ad nauseam. We should be equally evocative in being thankful to this bountiful land of opportunity, and a society that accepts people from every nook and corner of the world, embracing them as one of them legally, if not socially.
More importantly, the US has accepted us in their communities with our lifestyle, faith, and ethos quite different from those of the US mainstream; and given us the freedom to pursue our interests — even criticize it, as we have done several times.
We are proud of our accomplishments and hard work. But we need to recognize that this was possible only because the US has the environment to bring out people’s potential and an economic system that lets us cash in our skills to accumulate this phenomenal wealth. Honestly, how many of us could have become this wealthy within a few decades had we stayed in India? This is not just a rhetorical question.
So, it is prudent for us to remember, particularly after 9-11, that along with this distinction of being immigrants who have access to considerable wealth come a few obligations to the communities in the US where we live.
On this point, how the mainstream USA perceives us is quite telling. Only 15% of us vote. One refrain one hears from outside is that we are disengaged from local issues. The perception comes from our very limited interactions with mainstream USA. This has to change.
The early and more successful Indian immigrants are in their retirements, or at least looking at their retirement options. So, maybe it is time to consider giving back something to local communities in the US where you live: Endowments in your names as your legacy for annual scholarships and lectures in schools, colleges and universities; for concerts in Indian performing arts; for grants to inner-city children’s centers, soup kitchens … …
The list is long, and the needs are many. The important point is that the beneficiaries of these endowments/ charities should be the people in the US mainstream.
If we want inspiration, we can look at the Parsi and Jain charities in Mumbai, or Chettiar and Nadar charities in interior Tamil Nadu. Or we can just look at the Jewish charities in the US.
If we emulate our own Indian forebears, America would recognize us not simply as an immigrant community that became rich in the US, as Merrill Lynch did. America would also recognize us as successful and resourceful immigrants who recognized their social obligations that come with wealth, and who acknowledged the bounties they have received from this land.
A Point to Ponder: Given our relative prosperity, it tells a lot about us when we expect free lectures, music/dance recitals, etc. This forces desi organizers to sheepishly seek discounts in renting auditoriums from public institutions. This is embarrassing. Besides, accompanying artists — mrdangists, violinists, tabla, and flute players — are often paid a pittance, sometimes none at all. We’ve heard horrifying stories from accompanying artists — sometimes from main artists themselves — on their experiences with the US-based desi organizers.
We can call ourselves arts patrons only when artists — accompanying artists in particular — get decent honorariums. For this, we need to buy tickets, for starters. END