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<ul><li><keyword id="248229" type="PERSON" weightage="20" keywordseo="Nikhil-Mathur">Nikhil Mathur</keyword>, Managing Director of GfK in India writes how the consumer sentiment improved during the <keyword id="36208" type="PERSON" weightage="20" keywordseo="festive-season">festive season</keyword> and why marketers should continue investing on <keyword id="618493" type="CITY" weightage="20" keywordseo="digital-marketing">digital marketing</keyword>. </li><li>With the drastic alteration in media consumption, this festive season offers opportunities for marketers to connect with consumers like never before.</li></ul>The global Covid-19 pandemic has profoundly changed the world as we know it. Lifestyles have changed, consumers are buying differently and, in many instances, thinking differently. Supply chains have been challenged and retailers are closing doors. Consumers in every part of the world are now looking at products and brands through a new lens. COVID-19 is reshaping the entire retail industry in real-time, rapidly building consumer preferences that have never been easy to change. It is safe to say that new habits formed now will endure beyond this crisis, permanently changing what we value, how and where we shop, and how we live and work. Consumers are deeply concerned about the impact of COVID-19, both from a health and economic perspective. People are responding in a variety of ways and have diverse attitudes, behavior and purchasing habits. With increasing concerns about individual safety, customers are shifting towards the deep end of the online commerce pool and have shown a remarkably high level of dexterity and comfort in online shopping. According to GfK Consumer Pulse Report, 69% of consumers now prefer the online channel of purchases to avoid crowds. Additionally, the home culture is likely to outlast the Covid-19 phase. It has significantly resulted in a huge business opportunity across product categories. Consumers are buying electronics to support this lifestyle, thereby creating a sales boost in the industry. The @home lifestyle has put the spotlight on the importance of “convenience” shopping, governing the kind of products consumers will buy. This factor has given a big fillip to digital commerce, as new consumers migrate online for grocery shopping – a growth that is likely to survive beyond the pandemic. Our survey indicates that 44% of consumers consider online as their most preferred purchase channel for mobile/smartphones, even after the lockdown situation eases, while 73% prefer buying consumer electronics/appliances from e-commerce websites and 26% prefer buying from brand websites. These changing trends in consumer buying behavior and the increasing preference of purchase channel towards online retail has created an unprecedented challenge for companies seeking to engage with customers. Whether changes in marketing direction are motivated by market and industry conditions, changing consumer behavior or the need to stay competitive and cost-effective, it is highly recommended that companies focus on increasing their marketing efficiencies and customer retention. This is also reflected from <a href="https://www.gfk.com/home" target="_blank">GfK</a> study highlighting that 84% of manufacturers plan to invest in online commerce for 2020 as a response to the changing business climate. Unsurprisingly, the pandemic has hit the marketing industry hard. According to the GfK survey, Branding and Marketing in the New Abnormal, 73% of marketing leaders across Asia stated that their marketing budgets have decreased, with those in FMCG and healthcare experiencing the hardest hit. Simultaneously, marketing KPIs have also shifted, with maximizing the marketing effectiveness increasingly becoming the most important KPI for marketers. It is important to note here that while most of the KPIs in the pre-covid times focused on both the online and offline retail, the approach now has shifted. Digital transformation is now considered as one of the top priorities (56%) of marketers. This shift was reflected in freeform answers around how KPI measurement has changed, with respondents indicating a ‘shift to purely digital tactics’ and a ‘shift to online businesses”. Indeed, as online sales from changing consumer preferences continue to grow, we can expect this need to focus on digital transformation to continue. While KPIs may not have changed, their form has. Marketers’ desire to move towards digital platform reflects the need to focus on internal and external channel tracking, measurement, and effectiveness. With the drastic alteration in media consumption, this festive season offers opportunities for marketers to connect with consumers like never before. Consumers are discovering brands on social media, and businesses need to focus on solutions that are relevant for the new normal, such as hyper-localization, creating virtual experiences, re-looking at the media-mix to build efficiency and effectiveness. Moreover, the lockdown has only increased user’s media consumption habits, with an increased viewership for OTT content, urging brands to invest in some relevant touchpoints to help them achieve their targets. Not surprisingly, industry experts are advising marketers to leverage social media to drive brand discovery this season. With discretionary spends decreasing and value-consciousness increasing, marketers need to enter the consumer’s consideration set, eventually helping consumers in their purchase decisions. Brand managers are trying to strike a balance in offline and online retail experience giving the importance of both the purchase channels. Hence, as brand managers are focusing on product innovation strategy to allure the consumers, they are equally invested in the retail innovation to address vast swathes the nation. Getting digital right In this post-pandemic environment, it is important to have a roadmap that reflects the pace of digital adoption: <ul><li>The digital efforts of brand marketers should quickly focus on using data analytics to respond to evolving customer needs, improve business operations and increase agility to fulfil customer expectations across multiple touchpoint. </li><li>It is also crucial for brand marketers to benchmark their digital channels against competition and identify the metrics that are relevant for the brand purpose. Look at the bigger picture and set quantitative and qualitative KPIs to achieve overarching brand objectives. </li><li>In addition, bolster your digital competencies to deliver speed and innovation, and create authentic and meaningful experiences for your audiences in order to achieve long-term brand success.</li></ul>The crucial factor here is innovation; marketers who don’t realize or understand this or cannot innovate fast enough will perish and those who can adapt themselves, will sustain and thrive.

How brands unlocked their marketing budgets during festive season

<ul><li>India’s richest self-made entrepreneurs named in the IIFL Wealth and <keyword id="1846161" type="General" weightage="100" keywordseo="hurun" source="Orion">Hurun</keyword> rich list saw their wealth increase by 12% in the last one year. </li><li>Their combined wealth has grown to ₹100 lakh crore, which is much more than the combined GDPs of Singapore, UAE and Saudi Arabia. </li><li>Zerodha’s founder Nikhil Kamath topped the chart with ₹17,500 crore. His wealth surged by 9% in the last one year.</li></ul>Nikhil Kamath of Zerodha, Bhavish Aggarwal of Ola Electric, Ritesh Agarwal of OYO made it to the under-40 list of self-made entrepreneurs by IIFL Wealth and <keyword id="3656834" type="General" weightage="20" keywordseo="Hurun-India" source="Orion">Hurun India</keyword>. As many as 53 of them made it to this list of entrepreneurs with wealth of ₹1,000 crore and more. All the entrepreneurs named in the list cumulatively added a wealth of ₹1,85,000 crore — a 12% growth as compared to last year. “The current wave of start-ups and entrepreneurship has set global benchmarks and driven domestic players to compete with foreign competitors. It is encouraging to witness that the entrepreneurial ecosystem has emerged as one of the pillars of the new knowledge economy and created significant employment, wealth and opportunities,” said <keyword id="13022528" type="General" weightage="80" keywordseo="shajikumar-devakar" source="Orion">Shajikumar Devakar</keyword>, executive director, IIFL Wealth. Also, the wealth of these entrepreneurs grew to ₹100 lakh crore, which is much more than the combined GDPs of Singapore, UAE and Saudi Arabia. “The unprecedented wealth creation in the past five years in India, when other countries are stalling and are in a recessionary mode, reaffirms India as the ‘engine of growth for the global economy,” said Anas Rahman Junaid, MD and chief researcher, Hurun India. These are the top 10 entrepreneurs named in the 40 &amp; under self-made rich list — <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Name </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wealth ( in crore) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wealth change in last one year </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nikhil Kamath </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹17,500 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zerodha </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bhavish Aggarwal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹11,700 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ola Electric </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">56% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Divyank Turakhia </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹11,200 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investments </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-10% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nakul Aggarwal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹9,900 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BrowserStack </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-20% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ritesh Arora </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹9,900 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BrowserStack </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-20% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Binny Bansal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹8,100 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Flipkart </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ritesh Agarwal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹6,300 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">OYO </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Harshil Mathur </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5,500 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Razorpay </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">57% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shashank Kumar </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5,500 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Razorpay </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">57% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Neha Narkhede &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4,700 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Confluent </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">61% </td></tr></tbody></table>Source: IIFL <keyword id="15045674" type="General" weightage="50" keywordseo="wealth-hurun-india-rich-list" source="Orion">Wealth Hurun India Rich List</keyword> 2022 Zerodha’s founder Nikhil Kamath topped the chart with ₹17,500 crore. His wealth surged by 9% in the last one year. This was followed by Ola Electric’s Bhavish Aggarwal and Divyank Turakhia with ₹11,700 crore and ₹11,200 crore respectively. Aggarwal saw his wealth rise by 56%, while Turakhia’s wealth fell by 10%. BrowserStack’s Nakul Aggarwal and Ritesh Arora also saw their wealth reduce by 20% in the last one year, as per the Hurun report. Both have a net worth of ₹9,900 crore each. Harshil Mathur and Shashank Kumar of Razorpay were ranked at eighth and ninth spot in the top 10 list, with a wealth of ₹5,500 crore. Both saw their wealth spurt by 57% in the span of one year. Neha Narkhede of Confluent, ranked at the 10th position, is also the youngest self-made woman entrepreneur in India with a wealth of ₹4,700 crore. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/time-taken-to-deliver-items-returns-are-the-key-pain-points-for-e-comm-consumers/articleshow/94537077.cms">Time taken to deliver items &amp; returns are the key pain points for e-comm consumers</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/dgci-allows-serum-institute-to-export-malaria-vaccine-to-uk/articleshow/94536753.cms">DGCI allows Serum Institute to export malaria vaccine to UK</a>

Richest entrepreneurs under 40 named in the IIFL Wealth Hurun list became more richer by 12% in last one year

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<div class="KonaFilter image-container display-table"><div><div class="image on-image">Thomson ReutersA Citigroup office is seen at Canary Wharf in London</div></div></div>Citigroup just announced a new class of 120 managing directors."A promotion to Managing Director is a career-defining accomplishment and each of these individuals makes a remarkable, differentiated contribution to Citi, fulfills our Leadership Standards and embodies our Mission of Progress," Jamie Forese, CEO of the Institutional Clients Group at Citigroup, said in a memo.Here are the names: <h2>Corporate and investment banking</h2>Nicholas Blach-PetersenMarina Donskaya BronsteinJonathan CainRob ChisholmBilly ChoKatrina EfthimMorten EikebuFernando FleuryAmulya GoyalIsrael HalpertRichard HawwaPatti Guerra HehBob JackeyJames JacksonMartijn JansenWard JonesRob JurdMatt KenneyDan KimHiroki KondoRebecca KrugerLydia LiuVassilios MaroulisAlex MulleyMatt MusaSam NortonLouise O'MaraAyan RaichaudhuriRoberto SeverinMike ShellyCathy ShepherdMilos StefanovicRizwan Velji<h2>Capital markets origination</h2>Shane AzzaraChris ChungLawrence CyrlinMarzena FickChristopher HerzogMalte HoppHarish Raman<h2>Markets and Securities Services</h2>Alex AltmannBouhari ArounaSaquib AyubSam BaigAntonella BianchessiHelen BrookesJia ChenLaura CoadyZack ComeyMbar DiopMadlen DoroshOmar El GlaouiPaul FavilaRoss GoldsteinDavid GonzalezChris GoochMeng GuAdam HalvorsenAlex KnightNikhil KohliHubert LanneLorenzo LeccesiNorman LeungAida MasturaJabaz MathaiSid MathurPrach MishraDavid MitchellJoe NarensJeffrey OhCameron ParksMatt PassanteNikheel PatelCristina PaviglianitiHarry PengBrandt PortugalJoe ReelAl S'AeedMarcus SathaAlec SchoemanScott SecorVikram SoniLarissa SototskayaRafael SouzaNate StoneJim SuvaChristopher TedeschiJames TeohSonali Das TheisenDavid Ji UmJohny VlachakisHsiao Chi WangMatt WatsonXiaopo WeiMatt Zhang<h2>Private bank</h2>Dimitri AndreadakisNancy BertrandGeorge CherryGarcia FroomeHui GaoFred HessRay HoSteve KweiLaurence Mandrile-AguirreJohn MitchellBola OyesanyaHeather Rich<h2>Treasury and Trade Solutions</h2>Rachel BrownEsther ChibesaJames LeeMagdalena MielcarzDeven Somaya<h2>ICG Operations &amp; Technology</h2>Hirokimi HidakaGulrez JamadaCarey RyanVanderlei SilvaVenkat Vajipeyajula<h2>International Franchise Management</h2>Ahmed BozaiPablo Del Valle <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/warren-buffett-modest-home-bought-31500-looks-2017-6">Warren Buffett lives in a modest house that's worth .001% of his total wealth - here's what it looks like</a></h3> <div> </div> </div>

Citigroup's new managing-director list is out - here it is

<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div><ul class="summary-list"><li>Goldman Sachs announced its 2019 class of managing directors, with 465 new promotes getting the nod.</li><li>Of the 465 promoted, 29% are women, and 34% identified as an ethnic minority or LGBTQ.</li><li>The firm announces managing-director promotions every two years.</li><li>It's one of the most coveted positions on Wall Street, a step below partner at the premier investment bank.</li></ul><a href="http://markets.businessinsider.com/stock/GS-Quote"> Goldman Sachs</a> just announced a new class of 465 managing directors, and millennials comprised nearly two-thirds of it. The promotions, which are announced once every two years and are among the most coveted on Wall Street, put recipients one step <a href="https://www.businessinsider.com/goldman-ceo-solomon-offering-buyouts-to-partners-shrink-senior-ranks-2019-9">below partner</a> at the prestigious investment-banking firm.The 2019 class is smaller than the record-setting class of 509 in 2017, but larger than the class of 2015, which had 425 new MDs.It's also one the youngest classes the bank has promoted - 62% are millennials, up from 44% in 2017 and <a href="https://www.businessinsider.com/goldman-managing-director-list-2015-11">30% in 2015</a>.Other headline stats about the class:<ul><li>66% started their careers as analysts or associates at Goldman Sachs, equal with 2017.</li><li>29% of the class is women, up from 24% in 2017.</li><li>34% of the identified as an ethnic minority or LGBTQ: 26% are Asian, 4% are black, 2% are hispanic/Latino, and 2% are LGBTQ. </li></ul><h2>Here's the full list of all 465 new managing directors:</h2>Rashid Abdalla Angela Abramian-Katz Meredith Adams Keren Adan Vikas Agrawal Mike Ahern Edward Ainsworth Danny Akerman Temidayo Akinola Aaron Albert Eyas Aldossari Marsha Alexander Daniel Alger Asad Ali Brendan Ames Dipam Amin Rebecca Anderton-Davies Junnosuke Ando Ash Ang Timothy Arblaster Kenan Arkan Patrick Armstrong Cameron Arrington Cindy Au Anne-Victoire Auriault John Aurre Frederick Baba Andrew Bailey Tanya Baker Victoria Baker-Duly Venkatesh Balasubramanian Nick Baltas Maria Barron Baratech Luke Barrs Robert Bartlett Dennis Beeson Angus Bell Bob Bengtson Kerryann Benjamin Jeff Bernstein Adam Berry Michel Beshara Justin Betzen Praveen Bhagavathula Peter Biggs Ersen Bilgin Nathan Bird Simon Birtwistle Barnali Biswal Brittany Boals Moeller David Bodenstein Vanessa Bogaardt Kevin Boova Andrea Bora Said Boujnah Jeff Boyd Rachel Boyd Glyn Braganza Joyce Brayboy Pierre Brunet Keith Brunini Steven Budig Francisco Cabeza Kimberly Carabetta Sarah Card Marie Cardoen Gloria Carreno Jonathan Carter Osmar Castellani Junior Lucia Catalan Federico Ceresole Jeffrey Chao John Chappell Yogesh Chati Frank Chen Selina Chen Hakim Cherrouk Christopher Yiu Chung Cheung Tak Cheung Siddharth Chhabria Liz Chick James Chilcott Jon Child Naveen Choppara Leonard Chung George Cole Greg Collett James Colletti Kevin Conniff Simon Constant Charles Corke Krystal Cowan Ben Coward-Talbott Nerissa Cumberbatch Ryan Cunn Nadim Daban Brook Dane Abigail Darby Michael Daub Bill Davis Christopher Dawe Jeffrey Dawkins Adam Dawson Philipp de la Chevallerie Camille de Lamotte Frederik De Neree Joaquin de Soto Dan Deighton Manuel Deijk Stefanie D'Elia Lena Demashkieh Michael Dente Philippe Derimay Bradley Diener Michel Dimitri Angelo Diotisalvi Natalia Dobrinskaya John Doherty Matthew Doherty Jerome Dortmans Hamish Douglas Crista Downey Andre D'Souza Alexander Dupont Brett Durick Tsuyoshi Egawa Gaudenz Eichenberger Nnaemeka Eke Bill Elfsten Abel Elizalde Russell Elliott Scott Epperson Robert Fama Meriem Feghoul Xinyi Feng Roger Fenningdorf David Fernandez Morgan Fitzpatrick Ryan Flanagan John Flood Kellan Florio Kerry Flynn Jeremy Follett Anneliese Foster Fabrice Francois Marissa Freund Anders Furuhed Sebastien Gagnon Timothy Galligan Francesca Gardner Raj Garigipati Brian Garrett Douglas Gilman Aaron Goldman Jeremy Goldman Sanyam Goyal Ricky Grant Steven Gray Jules Gruner Shao Ping Guan Anushka Gupta Sonia Gupta Arvind Guruprasad Itir Guvenc Mungan Raymond Haagen Andrew Haave Sylvia Hadjimamas Terry Hagerty Sharon Hall Jeff Haller Scott Hankey Sara Hanlon Tom Haraldsson Alex Harman Lauren Havens Ken Hayahara James Hayward Tom Healy Victoria Hegan Michael Heller Paula Hendrickson Evan Herring Schuyler Heuer Daniel Hibbert Andrew Hine Megan Hogan Yoomin Hong John Hooton George Horton Dan Howard Christine Hu Katie Hyde Nicole Irvin Ahmed Ismail Kumar Iyer Philip Jacob Raphaelle Jacquemin Rajan Jain Rich James Marene Jennings Kyle Jessen Natasha Jhunjhunwala Brandon Johnson Geddes Johnson Milind Joshi Sojin Jung Amy Jupe Michael Kagan William Kallop Jordan Kaufman Charlotte Keenan Maxime Kennel Aron Kershner Ronald Keung Eugene Khafizov Feroz Khosla Kieron King Tom Knott Simon Knowles Sarah Kong Scott Konicki Robert Koslow Kunal Koya Elisabeth Kozack Joanna Kozlowski Kristin Kramer Jason Kreuziger Daniel Krinsky Kristin Kuney Casey Laflamme Beyrouthawit Lakew Mikael Lang Mark Langham Francesca Lau Karmen Lau Victoria Ledda Adrian Lee Sara Lee Niall Leguillon Chip Lemkau Marie Claire Lennon Matthew Leskowitz Ryan Lester Curtis Leung Jacky Leung Giulia Lewandowski Christian Lhert Aihua Liang Chi-Yu Liang Mony Lim Nyan Lin Tobias Lindemann Jon Lindgren Ada Liu Adrian Loh Syida Long Lorenzo Pasquale Longo Alexandre Lucas Michelle Luk Amanda Lynam Chris Lyon Srivats Madhavan Alok Madhukar Devasish Majumdar Salome Makharadze Shun Manabe James Mann Todd Mansfield Corey Maple Ivan Martinez Farzad Mashayekhi Morad Masjedi Michael Mastropaolo Moe Matar Colin Mathews Ritesh Mathur Brooke Mayne Jordan McCallum Mark McCaskill Catherine McCormack Paul McGregor Andrew McLennan Brian McMahon Nehal Mehra Ramiro Menchaca Mark Midle Giuseppe Milicia Kristin Milot Yusuke Minowa Aric Mizrahi Sherry-Ann Mohan Stacy Mohr Mohammed Mohsinali Helen Moloney Matthew Mottram Richard Mulley Ken Murata Sarah Murray Usman Naeem Soumik Nandy Satish Narang Vijay Narayanan Jamil Nathoo Joseph Natoli Sean Navin Aziz Ndiaye Ryan Newman Sara Nielsen Eyal Nirenberg Quinn O'Bryen Joanna Obstoj Jackie O'Connor Nonso Ogbonna Laide Oginni Mari Oishi Scarlett Omar-Broca Enrico Orlandi Jean Otrakji Edouard Panie Francesco Papa Pratik Pareek Gemma Parrott Atul Pawar Arnaud Payement Yuriy Podoshev Mitesh Popat Matthew Popper Arnaud Porchet Nicole Poulson Joseph Pozzi Anant Prasad Frederic Pripp Chaitra Purushotham Benny Quek Conor Quinn Thomas Radberg Stephanie Raimo Kamal Ramnani Michael Rand Olivia Rascoe Jibraan Rasheed Varun Rastogi Seth Reagen Nikhil Reddy Adil Rehman Elaine Rene Salveen Richter Fabian Riedel Helen Rigley Joe Ritchie Ilan Rochman David Rockliff Pearl Rodrigues Mark Romanczuk Mairin Rooney Delia Rosoga Ranjith Roy Mark Ruffles Benjamin Runnacles Ashley Ryan Eric Ryckman Takeshi Saito Sushil Sancheti Neha Santiago Vijay Saraswat James Sarvis Christian Schaefer Heather Schuyler Katelyn Seager Gowri Sekar Chris Semones Vikram Sethi Hui Shan Adi Sharma Praharsh Sharma Nicole Sharp Inna Shaykevich Jenna Shen David Shih Michael Shin Aekloveya Shyam Haris Siddiqi Adam Siegler John Sienkiewicz Craig Singer Peter Smith Brian Snyder Tejas Sodha Doug Spencer Mark Spitzer Anushree Srivastava Christian Stassen Holger Staude Emily Stecher Becky Steinthal Samuel Su Vivek Sukhatme Danny Suwanapruti Andy Tai Stephanie Tan Kei Tanaka Jacky Tang Hekmat Tannous Michael Tarulli Luigi Tavella Archana Tayade Emma Taylor Lori Taylor Asher Teren Gurtaran Thethi Jonathan Thomas Neil Thomas Bryn Thompson-Clarke Todor Todorov Steven Torbeck Sidney Tordjman Stephen Tripi Clemens Tripp Michael Trokoudes Jason Tsang Christian Tschirdewahn Candice Tse Vicki Tung Mateo Ugas Alekhya Uppalapati Rucha Vaidya Steven Valentic Peter VanDeventer Kyle VanFleet Alexandre Virolle Christopher Volmut Neel Vora Danielle Walsh Jordan Walter Bingwen Wang Phyllis Wang Zac Wang Brandon Watkins James Weaver Deborah Wei* Steven Weiss Robert Whelan Andrew White Anna Whitlow Eva Maria Wiecko Liz Wilcockson Lennart Wilhelm Rob Williams Henry Willoughby Jim Wiltshire Maggie Wojcik William Wolcott Jean Xu Xiao-ou Kevin Xu Susan Yan Julien Yoo Wael Younan Laura Young Nick Young Ali Zaidi Kirill Zavodov Thilo Zeidler James Zhang Wanjing Zhang Yun Zhang <a href="https://www.businessinsider.com/intelligence/10-up-and-coming-fintechs-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=10-up-and-coming-fintechs-2019-2"></a>

Goldman Sachs' new managing-director list is out, and millennials dominated the class

<ul><li>Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> on Saturday announced <keyword id="8192304" type="UNKNOWN" weightage="20" keywordseo="union-budget-2020">Union Budget 2020</keyword> which gave an impetus to the country’s digital ecosystem.</li><li>The budget came up with an optional new tax regime which could lead to lower taxes for taxpayers.</li><li>She also acknowledged the role entrepreneurs have played in creating more jobs and capital for the country.</li></ul>As Finance Minister Nirmala Sitharaman presented the Union Budget on Saturday, the industry came together to applaud the government’s digital push with the announcement of the setting aside of Rs 6,000 crore for BharatNet, to ensure low cost internet reaches every household in the country. The government also announced an optional new tax slab which has lower tax rates, although the people opting for the new tax regime will not get any exemptions. The FM also spoke about the role that entrepreneurs have played in creating jobs and bringing in more capital to the country. However, there were a few industry experts who felt that the expectations from ‘the budget were much higher and it feels like a missed opportunity.’ Here are the views of some experts: Ashish Bhasin, CEO, APAC and Chairman, India - Dentsu Aegis Network: I think this is a good budget in some ways because it has attempted to put money in the hands of the middle class through rationalisation of tax rates as well as has concentrated on looking after the agricultural sector, including introduction of best practises like storage for producers and other measures. However, I do feel that the expectations from the budget were much more and it does feel like a bit of a missed opportunity. While it is good to see that the dividend distribution tax has been abolished, I expected more on the rationalisation of direct taxes, particularly the cess introduced over and above the tax rates. It is good to see efforts being made to encourage new-age skill development as well as helping the start-ups and what's particularly interesting is the proposal to set up data centre farms all over the country. This will prepare India for the economy of tomorrow. It is also good to see attempts at simplification of taxation through digitisation but the proof of the pudding will lie in seeing its implementation on ground. It would be fair to say that at best it is a mixed budget and while there are some encouraging decisions, enough does not seem to have been done for the situation the economy is in. RS Sodhi, Managing Director of the Gujarat Cooperative Milk Marketing Federation: <keyword id="7836802" type="UNKNOWN" weightage="20" keywordseo="Budget-2020">Budget 2020</keyword>, an excellent move, will bring more investments in the dairy sector which will increase the farmers’ bargaining power to get better prices for their produce, if done properly it will create 80 lakh jobs in Rural India and 16 lakh jobs in Urban India. Anand Bhadkamkar, CEO, Dentsu Aegis Network (DAN) India: The budget has provided relief to the middle class with lower tax rates which is a welcome move, as it will provide more liquidity. On direct taxes, the abolition of DDT and introduction of a tax dispute resolution scheme is a welcome step alongside tax reliefs for startups. The budget is focusing on easing and simplification of compliance, with changes in corporate laws as well as in GST and direct taxes. However, I was expecting further simplification of cess and surcharges beyond tax rates across slabs. The proposals for development of road infrastructure, setting up data centre parks and skill development initiatives are welcome steps in addition to allocations for social welfare schemes. However, the expectations from the budget were high on the background of current economic slowdown, and as such seems to be short on matching those expectations, with no specific industry sector focused sops to provide stimulus. While the budget shows focus on long term growth and social development, overall in the current scenario it looks like a mixed budget, falling a bit short of market expectations of more corrective measures. Mukesh Kalra, Founder &amp; CEO - ETMONEY: The Finance Minister's proposal to introduce a new tax regime is a great step towards giving equal chance to every Indian in the lower income segment to maximize their post tax incomes. In the old regime, an individual supporting a larger family &amp; negligible savings was forced to pay higher tax compared to an individual supporting a smaller family or one with no dependents. This created disparity when it came to effective taxation for the former group. In the new regime, the disparity ends &amp; also frees up income in the hands of individuals to give a boost to consumption. Nishant Pitti, Co-Founder &amp; CEO, EaseMyTrip: In tune with the present government vision to encourage Indian travellers to travel more and contribute towards the nation's growth, this budget takes it a step ahead. The budget has focused on promoting tourism &amp; travel with an overall budget of Rs. 2500 crores in year 2020-21. Government aims to develop 100 more domestic airports under the UDAN scheme. To promote travel via railways, the government will focus on more Tejas type trains that will connect tourist destinations in India. The Finance Minister has also laid stress on the development of archaeological sites into iconic sites with on-site museums. Five such sites are- Rakhigarhi, Hastinapur, Shivsagar, Dholavira and Adichanallur. Government has also announced the renovation of 4 key museums. Rs,150 crore have been allocated for the ministry of culture in 2020-21. We are hopeful that this budget will open new avenues for the travel industry. Sabyasachi Mitter, Founder and Managing Director of Fulcro: The key takeaway for me has been the simplification of tax regimes as well as giving a boost to consumer and investor sentiments. The removal of DDT is a significant move and long overdue as it effectively leads to double taxation. Simplification of personal Income Tax rates by giving the option to tax payers to avail the reduced tax rates by not availing deductions is a welcome step towards a future free from the historical legacy of compliance issues. The focus on encouraging start-ups is also welcome, both in terms of giving relief to the ESOP taxation which has been increased to 5 years. The turnover of availing 100% income Tax benefit has also seen two key changes; increasing the turnover threshold to 100 crores as well as increasing the block of years from which to avail three years of exemption to 10 years from the 7 years presently. All of these will increase the cash in hand of corporates, individuals as well MSMEs leading to a spur in demand. Specifically to the digital ecosystem the aggressive plans to increase the coverage of Fiber to Home being extended to 1 lakh gram panchayats will give a significant boost to the digital ecosystem. The recognition of the need for data and therefore the policy announcement on data centre parks is also a welcome move. Anish Sarkar, CEO, Sodexo BRS India: Sodexo always believes in giving our consumers the freedom of choice; the tax proposals in the budget are also on a similar philosophy. We believe that consumers should have a higher purchasing power – while this announcement will give them the power to choose their tax structure, our consumer base will continue to benefit from the current regime. Sodexo’s solution suite goes much beyond tax-saving products; driving the digitization of corporate cafeterias &amp; factories along with digitizing expense management to achieve workplace efficiency. We are very focussed on enhancing the employee experience of our clients by creating an ecosystem of value-added benefits much beyond tax savings. Devendra Shah, Chairman, Parag Milk Foods Ltd: We happily welcome the government's big push to the India's dairy industry. We are excited to be a part of the government's plan to double India’s milk processing capacity. Strategic measures like increasing the coverage of artificial insemination and eliminating Foot and Mouth Disease (FMD) and Brucellosis in cattle will result in higher yields. While such measures are welcomed, the dairy sector also needs to ensure the yearlong availability of green fodder. We can currently import the green fodder from Australia, Canada and USA. All these collectively help in Increasing milk consumption amongst urban and rural consumers thus attracting new investments and jobs. Navin Khemka, CEO, Mediacom South Asia: What is required is more purchasing power to the Indian middle class. This will help boost demand in the sluggish economy. I hope the investment in infrastructure and kisan express helps in achieving this objective in the long run. Short term, however, I think this budget is status quo. Demand growth could be sluggish and this could continue to impact media investments by corporates. Indroneel Dutt, CFO, Cleartrip: The government has backed its vision to turn India into one of the world’s top tourism hubs by allocating INR 2,500 crore for promoting tourism in general and setting aside a sum of INR 3100 crore for the Culture Ministry to boost regional tourism. What would be wonderful is to have an empowered nodal body comprising of the Govt / OTA / airline, hotel and other industry representatives with the objective of promoting discoverability, ease of booking and fulfilment of our cultural, natural and heritage sites. Introduction of more Tejas Express type trains and the inauguration of several culturally-significant archaeological sites are other much-needed moves. We also welcome the Hon’ble FM’s proposal to develop 100 more airports as well as the doubling of the airline fleet by 2024. This calls for skilled manpower development in parallel. The aim to double the fleet to 1200 in the next 3 years will certainly accelerate the passenger growth rate. Ramesh Kaushik, VP Brand Experience at Blackberrys: The government remains committed to accelerate consumption in budget 2020. Government measures of reducing corporate tax and initiatives to boost MSME sector will definitely help accelerate industrial and corporate growth in the country. Measures like simplifying GST and income tax relief are sure to give requisite push to consumer consumption and demand thereby accelerating growth across industries. Additionally allocation of funds for infrastructural development is a welcome move clearing path for expansion. We expect more measures/announcements specific to the retail industry from the government in the coming future that will give the right impetus to the industry. Sameer Makani, Co-Founder and Managing Director, Makani Creatives: Budget 2020 aims at the betterment of all sections of the society. The key highlight is certainly the tax regime where the government has proposed alternative tax policies and new rates to benefit the taxpayers. The vision to improve the start-up scenario in the country will help in creating more job opportunities and further ensuring the economic growth. The Skill development programme will enable overall personality development In comparison to budget 2019, MSMEs will experience a 71% rise over and above the budgetary allocation. Sudhanshu Agarwal, Founder &amp; Director, Citykart: The announcements made by the government in Union Budget 2020 are a promising move to boost the income and purchasing power of people. So far, the rollout of GST has resulted in gains of about Rs.1 lakh crores to consumers, which is likely to increase further with revised GST laws being implemented from April 2020. Simplification of GST norms will be significant in inspiring consumer demand &amp; consumptions and spur industrial growth. Additionally, allocation of Rs.100 lakh crores for infrastructure development also opens growth prospects for the brands in non-metro cities. However, we feel specific measures pertaining to the retail sector have still not been fully addressed in the budget. Kunal Lakhara, VP of Finance and Operations, Pocket Aces: Budget 2020's revised fiscal deficit target of 3.8% of the GDP seems more realistic and focus on spends/benefits was required to boost the economy. The thrust on entrepreneurship and tax regulations for both startups and taxpayers is a move in the right direction. India is the third largest startup hub globally and the announcement of an investment clearance cell to provide end-to-end support to startup founders will encourage more youth to be job creators. Further, the ability to defer taxes on ESOPs will democratise wealth creation for startup employees, ensuring the right talent is benefitted. Finally, the decision to grant 100% tax exemptions to sovereign wealth funds on their investment in priority sectors will provide the much needed funding boost to the sector and create value in the longer run. Sahil Vaidya, Co- Founder &amp; Director, The Minimalist: Following the announcement of the Union Budget 2020, one thing is certain, is that the Government is heavily focused on becoming an entrepreneurial superpower. By investing in the MSME sector, the Government’s support towards new companies will go a long way in producing high growth business. Furthermore, the tax waiver on ESOPs will enable more talent to place their bets on early stage disruptive start-ups, which have the potential to become the corporates of tomorrow. Among other sectors, the Budget 2020’s focus on start-ups and technology will be a boost to companies that are doing some cutting edge design thinking to enable the best of digital products for a booming digital economy. Sanil Jain, Co-founder, CupShup: The start-up ecosystem in India is not more than a decade old and has come a long way to become the third largest in the world after USA and China. 2019 was not what we can call a good economic growth year but this budget has definitely brought some relief to start-ups. The implementation of the Investment Advisory Cell will aid new start-ups. Deferring the Taxation on ESOPs is definitely a big win as it will go a long way in acquiring and retaining quality talent. While on the other hand, decreasing direct tax to a historic low of 22% will boost export opportunities and drive growth across various industries. Nikhil Mathur, Managing Director – India, GfK: The proposal to boost rural economy, infrastructure and enhance purchasing power of middle class, if implemented well would certainly be fruitful. It could further improve the consumption of consumer durable and electronics. As per GfK data, CE-MDA category registered a volume growth of ~9% in 2019/2018. I think the market is expected to grow in the back of technology companies and given the state of economy we can be hopeful of a better future. Besides, encouraging local manufacturing of mobile phones and semiconductors may fuel the ‘Make in India’ vision.

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