Archive · 29 Sep 2026
EY Sees 100 Million New Long-Term Investors Beyond Metros
EY says more than 100 million people in India could become long-term investors by 2035.
Many new investors may come from smaller cities and towns.
Women, young professionals, Gen Z and salaried families could also invest more.
People under 30 already make up a larger share of investors than they did several years ago.
Women are also becoming more involved in investing in smaller cities.
Small regular payments, called SIPs, help people invest gradually.
Very small SIPs and rural distribution networks are bringing more first-time investors into formal markets.
EY says opening an account is not enough because investments can be complicated and can lose value.
People will also need advice, financial education, digital tools and protection to build wealth over time.
EY estimates that more than 100 million Indians could enter the long-term investment ecosystem by 2035.
Tier-2 and Tier-3 households, women, young professionals, Gen Z and emerging affluent families are expected to drive growth.
Cities outside India’s top 110 contributed 12% of mutual fund assets under management in FY25, while districts beyond the top 10 accounted for 70% of NSE investors who traded.
Investors under 30 represented 38% of the investor base in June 2026, up from 23% in FY19; women’s share in B30 cities reached 25% in FY24.
EY said broader participation will require financial guidance, capability, investor protection and a digital “Wealth Stack,” not merely more accounts.
- Who
- EY India and Indian households, particularly investors from smaller cities, women and younger age groups.
- What
- EY estimates that more than 100 million Indians could join the long-term investment ecosystem by 2035, with individual mutual fund and direct-equity holdings expected to grow.
- When
- The forecast runs to 2035; the report cites data from FY19, FY24, FY25 and June 2026.
- Where
- India, including Tier-2 and Tier-3 cities, B30 cities, rural areas and districts outside the largest markets.
- Why
- Growth is expected to be supported by digital access, SIPs, broader financial participation and rising interest among underserved investor groups, although EY says guidance and investor protection are also needed.
- Projected new long-term investors
- More than 100 million by 2035
- Mutual fund AUM outside top 110 cities
- 12% in FY25
- NSE investors outside top 10 districts
- 70% of investors who traded during FY25
- Investors under 30
- 38% in June 2026, compared with 23% in FY19
- Women investors in B30 cities
- 25% in FY24, compared with 20% in FY19
- SIPs’ share of individual mutual fund AUM
- 35%, compared with 19% in FY19
- Household investable assets
- Nearly US$5.2 trillion in FY25
- Digital access and investment participation
- More than 550 million active UPI users, compared with around 62 million mutual-fund investors and approximately 50 million active equity-market participants
