Are Indians investing more, or are asset-rich Indians getting richer? Zerodha's Nithin Kamath sparks debate online
India has seen a sharp rise in financial assets and retail participation in the markets since 2020, but does this mean more Indians are investing, or are those who already have substantial wealth accumulating more assets?
Zerodha founder and CEO Nithin Kamath has raised this question through a series of charts tracking the growth of India's financial savings, equity holdings and market activity between 2015 and 2026.
In a post on X, Kamath mentioned, “Are Indians investing more, or are the asset-rich Indians getting richer?” The accompanying charts highlight how financial assets have grown across mutual funds, bank deposits, retail equity holdings, high-net-worth individual (HNI) holdings, domestic institutional investors (DIIs), and the National Pension System (NPS).
The data shows a broad increase in financial asset pools, with growth accelerating across several categories after 2020. Mutual fund assets under management (AUM) have risen to ₹82.6 lakh crore, while bank term deposits have reached ₹164.2 lakh crore.
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Both categories show a sustained upward trend over the period, although bank deposits remain substantially larger in absolute terms.
Retail equity holdings have climbed to ₹34.6 lakh crore, with a sharper increase after 2020. HNI equity holdings have reached ₹9.9 lakh crore, also recording a marked rise in recent years. The increase raises a related question: how much of the expansion in equity wealth reflects broader participation and how much reflects the accumulation of assets by wealthier investors?
Domestic institutional investor (DII) equity holdings have climbed to ₹89.7 lakh crore, while total NPS assets under management (AUM) have reached ₹18.2 lakh crore. These trends indicate the growing scale of domestic investment pools and retirement savings.
The last two charts track monthly gross delivery values and net inflows into equity mutual funds. Gross delivery, which excludes intraday trades, measures the monthly value of shares settled into demat accounts on the NSE and BSE. It has risen to ₹11.9 lakh crore currently.
Net inflows into equity mutual funds, meanwhile, stood at ₹38,294 crore a month. The chart shows fluctuations, including a dip into negative territory around 2020–2021, followed by a recovery. Together, these trends show that the value of shares being settled and the money flowing into equity mutual funds have increased significantly.
The key question, therefore, is whether this growth reflects wider participation in financial markets or a rising concentration of wealth among those who already own assets.
Sheetal Goel is a Content Producer at Livemint, where she covers corporate developments, personal finance, business trends, markets, and SEBI-related updates. She focuses on simplifying complex financial concepts and presenting them in a clear, reader-friendly manner, thereby helping audiences better understand investment trends, personal finance, and market developments. Her writing focuses on making finance more accessible to everyday readers while maintaining clarity, accuracy, and relevance. <br><br> She holds a degree in Economics (Hons.) along with an MBA in Finance, which has helped her develop a strong foundation in financial analysis, market understanding, and business reporting. Before joining journalism, she worked with finance and broking firms, where she closely followed market developments, investment strategies, and evolving industry trends. This practical exposure strengthened her understanding of financial markets. She has also written content across multiple formats and platforms, including YouTube, LinkedIn, and Instagram. <br><br> Over time, she has developed expertise in covering market-linked stories, investor-focused topics, and regulatory updates in a simplified yet informative style. She also enjoys reading and listening to Hindi poetry, reflecting her appreciation for literature and creative expression beyond the world of markets and numbers.
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