Indian-Origin CEOs Deliver Stronger Returns Than Their Wall Street Counterparts

India-Born CEOs Boost Stock Performance, Data Suggests

Billionaire investor Michael Milken has reportedly made a bold claim about the performance of US companies with India-born CEOs. According to Milken, he buys the stock of any American company that replaces its American-born CEO with one born in India. While Milken acknowledges that he has not tested this strategy, a recent analysis suggests that it may have yielded significant returns over the past 15 years.

The analysis, which spanned from 2011 to 2026, found that a portfolio built on buying companies with India-born CEOs would have generated a staggering $58 from an initial investment of $1, compared to just $7.7 for the S&P 500. This translates to a compound annual growth rate of 30.3 percent, significantly outperforming the benchmark index's 14.2 percent annual growth rate.

S&P 500 vs. India-Born CEO Portfolio

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The India-born CEO portfolio also continued to outperform in 2026, generating returns of 13.8 percent year-to-date compared to 8.7 percent for the S&P 500. This strong performance was driven by a handful of standout companies, including Arista Networks, Micron Technology, and Enphase Energy.

Top Performers

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While the analysis suggests a strong correlation between India-born CEOs and stock performance, it also notes that correlation does not necessarily imply causation. The technology sector, where many of these India-born CEOs are concentrated, has delivered outsized gains globally over the past 15 years. As a result, part of the outperformance may reflect the broader strength of the technology sector rather than leadership origin alone.