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Indian Household Debt Outpaces Financial Asset Growth in 2025
Indian families owned more financial assets in 2025, but they also borrowed more money.
Their assets grew by 9%, while their debts grew by 14.3%.
This meant debt grew about one and a half times as fast as assets.
Because of this, their wealth after subtracting debt grew by only 6.8%.
Families held a total of $5.3 trillion in financial assets.
Deposits were the biggest part of their savings, followed by securities such as shares and bonds.
Insurance and pension savings grew the fastest among the main asset groups.
Since many families kept their money in deposits, they had less direct exposure to global stock-market gains.
Over the longer term, Indian household financial assets were still 57% higher in real terms than in 2019.
Indian household liabilities rose 14.3% in 2025, compared with 9% growth in financial assets.
Household financial assets reached $5.3 trillion, while liabilities climbed to $1.59 trillion.
Net financial assets grew 6.8% because faster borrowing offset part of gross wealth creation.
Deposits remained the largest asset category at 40.2%, followed by securities at 32.7%.
Insurance and pension assets grew 11.4%, deposits 9.8%, and securities 6.1% during the year.
- Who
- Indian households, according to the Allianz Global Wealth Report 2026.
- What
- Household liabilities grew faster than financial assets in 2025, reducing the growth of net financial wealth.
- Where
- India, with comparisons to global and other Asian economies.
- When
- During 2025; the findings were reported in the Allianz Global Wealth Report 2026.
- Why
- Borrowing increased faster than savings and investments, offsetting part of the growth in household financial assets.
Key facts
- Financial assets
- Indian household financial assets rose 9% to $5.3 trillion in 2025.
- Household liabilities
- Liabilities increased 14.3% to $1.59 trillion.
- Net financial assets
- Net financial assets grew 6.8% after liabilities were deducted.
- Largest asset category
- Deposits represented 40.2% of Indian household financial assets.
- Securities share
- Securities accounted for 32.7% of household financial assets.
- Insurance and pensions
- Insurance and pension assets made up 26.7% and grew 11.4%.
- Real growth since 2019
- Indian household financial assets were 57% higher in real terms in 2025 than in 2019.
Sources
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