Out of India’s 46 billionaires in 2012, 20 had drawn their primary source of wealth (at least originally) from sectors that can be classifi ed as “rent-thick” (real estate, construction, infrastructure or ports sectors, media, cement, and mining). The remaining 26 billionaires had drawn their primary source of wealth from “other” sectors (IT/software, pharmaceuticals and biotech, fi nance, liquor and automotives, etc). Overall, 43% of the total number of billionaires, accounting for 60% of billionaire wealth in India, had their primary sources of wealth from rent-thick sectors. Indian capitalism seems to have two faces. Does international experience provide a guide?