Pakistan’s Basic Billionaires How the wealthy elite in Pakistan remains unimaginative with their use

[Shahzaz ud din]

Pakistan’s Basic Billionaires
How the wealthy elite in Pakistan remains unimaginative with their use of capital, and why that is holding the nation back

By
Fahd Ali Sheikh
-
December 17, 2018
3445
14

The Islamic Republic of Pakistan’s billionaires are basic billionaires. They are sugar and edible oil, fertilizer and packaging, cement and steel billionaires. They are private education and housing real estate billionaires. They are old-school banking and ambient logistics billionaires. They are mid-20th century-technology automobile manufacturing billionaires. Most started off as and still are textile and leather goods billionaires. None of them is a social media or telecommunications billionaire.

None of them is an aircraft manufacturing, advanced defence-tech, precision engineering, or aviation billionaire. None of them is a biotechnology or research-and-development-based pharmaceuticals billionaire. None of them is a renewable energy or electric car-manufacturing billionaire. None of them is an artificial intelligence, robotics, fintech, or e-commerce billionaire. None of them is even an IT services or BPO billionaire.

All of Pakistan’s billionaires are therefore basic billionaires.

The United States of America also used to have basic billionaires, like the Rockefellers, the Carnegies, and the JP Morgan family. However, these billionaires thrived back in the late 18th and early-to-mid 19th centuries. It has been more than a hundred years since then.

The billionaires of America today are highly sophisticated and futuristic billionaires. Examples of the US’s next-generation billionaires: Mark Zuckerberg (Facebook), Larry Page and Sergey Brin (Google), Jeff Bezos (Amazon), Steve Jobs (Apple), Brian Chesky (Airbnb), Elon Musk (Tesla / Space-X / Paypal), and Travis Kalanick (Uber) along with dozens of other such billionaires.

These entrepreneurs are at the forefront of enabling America’s quantum leap into the intensely technological and exponentially sophisticated next 100 years. Their high intellect-based, innovation-driven, futuristic, tech-savvy, and risk-taking approach is not propelled by their government. The United States government is there only to create an enabling environment, in order for these amazing individuals’ entrepreneurship and ideas to flourish.

Their qualities are driven by a deep desire to see their country remain a global leader for the next 100 years and for their countrymen and people around the world alike to benefit from their forward-thinking and innovativeness.

Due to this unending quest for greatness and discovery, they continuously reinvest and start-up new businesses. They persistently search for the next frontier and new opportunities within and outside their existing businesses. They keep thinking, taking risks, investing, making mistakes, learning, and reinvesting again until they get things right.

In this beautiful entrepreneurial process, major research and development takes place, groundbreaking new technologies are invented, and patents registered. Innovation thrives, and America remains the world’s leading nation-state.

Pakistan’s billionaires, on the other hand, are hoarding hundreds of billions of rupees in cash at the moment. They are all real estate billionaires as well, despite the majority of them having nothing to do with the business of real estate development. They owe this cash and property to their country and its people. After all, the country allowed them to practice their trade freely and expand their businesses, in most cases in a highly protected and cartel-based environment, and the people of Pakistan bought their goods and gave them new business year-on-year over the past 70 years.

However, they continue to stash billions of dollars overseas, along with parking hundreds of billions of rupees in the banks of Pakistan, which are also mostly owned by these same basic billionaires. Their cash holdings and properties are essentially dead assets, as such kind of assets are of no use to the country’s economy and future until they are actually put into proper economic use.

America’s billionaires, on the other hand, are the real reason behind their country being able to establish itself as the world’s most powerful military and economic power ever. How have they achieved this feat? By being forward-thinking and constantly innovative, by taking risks and betting their money on futuristic technologies, by believing in continuous improvement processes as the core of their businesses’ ethos, and by recognizing the value of talent, hiring the best brains from around the world, and compensating them accordingly.

When will Pakistan’s basic billionaires rise to the occasion?

 

[Clutch]

Pakistan’s Basic Billionaires
How the wealthy elite in Pakistan remains unimaginative with their use of capital, and why that is holding the nation back

By
Fahd Ali Sheikh
-
December 17, 2018
3445
14

The Islamic Republic of Pakistan’s billionaires are basic billionaires. They are sugar and edible oil, fertilizer and packaging, cement and steel billionaires. They are private education and housing real estate billionaires. They are old-school banking and ambient logistics billionaires. They are mid-20th century-technology automobile manufacturing billionaires. Most started off as and still are textile and leather goods billionaires. None of them is a social media or telecommunications billionaire.

None of them is an aircraft manufacturing, advanced defence-tech, precision engineering, or aviation billionaire. None of them is a biotechnology or research-and-development-based pharmaceuticals billionaire. None of them is a renewable energy or electric car-manufacturing billionaire. None of them is an artificial intelligence, robotics, fintech, or e-commerce billionaire. None of them is even an IT services or BPO billionaire.

All of Pakistan’s billionaires are therefore basic billionaires.

The United States of America also used to have basic billionaires, like the Rockefellers, the Carnegies, and the JP Morgan family. However, these billionaires thrived back in the late 18th and early-to-mid 19th centuries. It has been more than a hundred years since then.

The billionaires of America today are highly sophisticated and futuristic billionaires. Examples of the US’s next-generation billionaires: Mark Zuckerberg (Facebook), Larry Page and Sergey Brin (Google), Jeff Bezos (Amazon), Steve Jobs (Apple), Brian Chesky (Airbnb), Elon Musk (Tesla / Space-X / Paypal), and Travis Kalanick (Uber) along with dozens of other such billionaires.

These entrepreneurs are at the forefront of enabling America’s quantum leap into the intensely technological and exponentially sophisticated next 100 years. Their high intellect-based, innovation-driven, futuristic, tech-savvy, and risk-taking approach is not propelled by their government. The United States government is there only to create an enabling environment, in order for these amazing individuals’ entrepreneurship and ideas to flourish.

Their qualities are driven by a deep desire to see their country remain a global leader for the next 100 years and for their countrymen and people around the world alike to benefit from their forward-thinking and innovativeness.

Due to this unending quest for greatness and discovery, they continuously reinvest and start-up new businesses. They persistently search for the next frontier and new opportunities within and outside their existing businesses. They keep thinking, taking risks, investing, making mistakes, learning, and reinvesting again until they get things right.

In this beautiful entrepreneurial process, major research and development takes place, groundbreaking new technologies are invented, and patents registered. Innovation thrives, and America remains the world’s leading nation-state.

Pakistan’s billionaires, on the other hand, are hoarding hundreds of billions of rupees in cash at the moment. They are all real estate billionaires as well, despite the majority of them having nothing to do with the business of real estate development. They owe this cash and property to their country and its people. After all, the country allowed them to practice their trade freely and expand their businesses, in most cases in a highly protected and cartel-based environment, and the people of Pakistan bought their goods and gave them new business year-on-year over the past 70 years.

However, they continue to stash billions of dollars overseas, along with parking hundreds of billions of rupees in the banks of Pakistan, which are also mostly owned by these same basic billionaires. Their cash holdings and properties are essentially dead assets, as such kind of assets are of no use to the country’s economy and future until they are actually put into proper economic use.

America’s billionaires, on the other hand, are the real reason behind their country being able to establish itself as the world’s most powerful military and economic power ever. How have they achieved this feat? By being forward-thinking and constantly innovative, by taking risks and betting their money on futuristic technologies, by believing in continuous improvement processes as the core of their businesses’ ethos, and by recognizing the value of talent, hiring the best brains from around the world, and compensating them accordingly.

When will Pakistan’s basic billionaires rise to the occasion?

Pakistani billionaires are slave labor billionaires. You cannot expect them to become advanced billionaires in IT, renewables, AI, etc. Because there is no incentive to do so in a slave driven economy with no labour rights movement.

Pakistan continues to market it's slave labor as the key advantage for foreign investors.

 

[Azadkashmir]

To advance you must educate people, that is not allowed.

 

[VCheng]

When will Pakistan’s basic billionaires rise to the occasion?

Why would they work to change the very system that made them billionaires in the first place?

 

[Death Professor]

we are way too behind. We have been kept behind. Just as an example, this was bezos 20 years ago, clear about what he wanted to do, what he has to do. People here are just copy cats or money is granted to them through family inheritance.

 

[Abdussamad]

IT revolution by passed Pakistan so that's why we don't have any tech billionaires. As for the billionaires we do have why is the composition such a surprise? We are after all a developing country. Basic industries like these are our bread and butter. Besides the business-govt. linkages ensure that a steady supply of rent flows to the businessmen. They don't have to take too many risks. Most recently the sugar barons got the govt. to lift curbs on sugar export. They are so powerful they can set govt. policy.

 

[Indus Pakistan]

You know my pet Alstaian do could never survive in the wild. I feed him, I house him, I provide him shelter from everything. All he has to do is look the part and bark ferociously. He is a tamed, domesticated dog.

Pakistani businessmen are almost all products of political patronage. They made money by having connecting with politicians, bureaucrats and benefited from the protectionism provided by the Pakistani state. The only virtue they have is political connections to Pakistani state.

They are not entreprneurs. And they can't swim outside Pakistan where they have to face wild competition.

 

[313ghazi]

You know my pet Alstaian do could never survive in the wild. I feed him, I house him, I provide him shelter from everything. All he has to do is look the part and bark ferociously. He is a tamed, domesticated dog.

Pakistani businessmen are almost all products of political patronage. They made money by having connecting with politicians, bureaucrats and benefited from the protectionism provided by the Pakistani state. The only virtue they have is political connections to Pakistani state.

They are not entreprneurs. And they can't swim outside Pakistan where they have to face wild competition.

Exactly this. They're billionaires mainly because of circumstances, cheating, slave labour. They're not real businessesmen. They're exactly like those people from hundreds of years ago who made money off who they knew.

 

[Azadkashmir]

Ever wondered why in some sectors their is no system it is old fashion face to face bussiness. This is so that they can direct the flow of the money into thier hands. hoodwinking people, like at the airport where nothing works unless you grease the palms.

An education on boycotting needs to be taught so people atleast can cut out the bad guys.

 

[blueazure]

FAANG stocks ( facebook , amazon, apple, netflix , google ) are collapsing the entire dow as we speak

700bn USD of mkt cap have evaporated from their stock

just saying

-----------------

us is not the leader in renewable nor electric vehicle tech

 

[KhalaiMakhlooq]

Have you noticed how all the people you listed, Mark Zuckerberg, Larry Page and Sergey Brin, Jeff Bezos, Steve Jobs, Brian Chesky, Elon Musk and Travis Kalanick are simple and don't show their wealth.

They don't go around driving super cars, carry $250 thousand cash in their top pocket, dress in branded designer clothes, adorn themselves in gold jewels and diamonds, wearing luxury watches and carrying designer luggage. Nor do they eat at top restaurants.

In fact they have a completely different lifestyle than you would think.

They couldn't care less about status, they only care about life and what extends it. And that means eating basic.

If you didn't know their name and you saw them walking down the street you would think they're poor.

 

[Yaseen1]

most of Pakistan Billionaires are corrupt and are production of corruption unlike west

 

[punit]

Bring competitors . Unless forced the local giants won't lift a finger..
Open the business sectors ..Let foreign players move in.. it may be troublesome for sometime but will help a lot in ling run..

 

[Sine Nomine]

You know my pet Alstaian do could never survive in the wild. I feed him, I house him, I provide him shelter from everything. All he has to do is look the part and bark ferociously. He is a tamed, domesticated dog.

Pakistani businessmen are almost all products of political patronage. They made money by having connecting with politicians, bureaucrats and benefited from the protectionism provided by the Pakistani state. The only virtue they have is political connections to Pakistani state.

They are not entreprneurs. And they can't swim outside Pakistan where they have to face wild competition.

Kudos to you sir.

 

[Arsalan]

You know my pet Alstaian do could never survive in the wild. I feed him, I house him, I provide him shelter from everything. All he has to do is look the part and bark ferociously. He is a tamed, domesticated dog.

Pakistani businessmen are almost all products of political patronage. They made money by having connecting with politicians, bureaucrats and benefited from the protectionism provided by the Pakistani state. The only virtue they have is political connections to Pakistani state.

They are not entreprneurs. And they can't swim outside Pakistan where they have to face wild competition.

You can say that there are SOME that fit the description you gave but to say that ALMOST ALL of them are like this is not just wrong, its unfair!!