The Islamic Republic has seen one of the world’s biggest rises in wealthy individuals despite sanctions and coronavirus ravaging the country. Read the full article Published on 13 August 2021 by Reza Khaasteh.
Becoming a millionaire is perfectly okay in a capitalist society, but in a country that chants anti-capitalism slogans and considers it as part of its revolutionary ideals, it’s a little bit odd, and not quite acceptable to society.
This is totally different from those who become millionaires in Silicon Valley in a capitalist society like that of the US.
Success of Iran’s millionaires was largely down to money possessed by ordinary citizens, rather than entrepreneurship.
Most Iranian millionaires are neither producers nor entrepreneurs. They are not even good in attracting investment.
In the absence of foreign investment and an opportunity for the growth of Iran’s economy, these millionaires mostly get rich, not through foreign revenues or production income, but through the money coming from non-rich people’s pockets.Reza Ghiabi, a Tehran-based business developer who provides consultation to wealthy individuals, told Middle East Eye.