Archive · 10 Sep 2026
Indian Household Wealth Shifts Toward Gold as Equity Barely Moves
Indian families owned much more wealth in March 2026 than they did three years earlier.
A new Kotak Mutual Fund report examined where that wealth was kept.
Property was still the biggest part of household wealth.
Gold became much more important, rising from about 15% to 24% of total assets.
The value of gold held by households more than doubled to about $3.87 trillion.
Stocks and equity investments, however, barely increased as a share of total wealth.
This happened even though mutual fund investments and SIPs have been growing.
Bank deposits, insurance, and cash became smaller parts of the overall mix.
The report suggests that Indian households are adding market-linked investments without replacing traditional assets on a large scale.
Gold’s share of Indian household assets rose from 15.4% in March 2023 to 24.2% in March 2026.
Equities accounted for 5.7% of household assets in March 2026, compared with 5.6% three years earlier.
Household wealth held in gold increased from about $1.74 trillion to roughly $3.87 trillion.
Property remained the largest asset category, although its share fell from 51.3% to 47.6%.
Bank deposits, insurance, provident and pension funds, and cash all lost shares of household assets.
- Who
- Indian households, as analyzed in the Kotak Mutual Fund D-Kode report.
- What
- Household wealth allocation shifted notably toward gold, while the equity share barely changed.
- When
- The comparison covers March 2023 to March 2026; the findings appeared in the September 2026 report.
- Where
- India.
- Why
- The report compares the composition of household assets and shows that rising mutual fund and SIP activity has not significantly changed overall equity allocation.
Equity Growth View
Broader Allocation View
Impact of mutual fund and SIP growth
Equity Growth View
Rising SIP investments, equity fund inflows, and mutual fund participation suggest that households are increasingly moving toward equities and market-linked investments.
Broader Allocation View
The broader asset-allocation data shows that equities remained almost unchanged at 5.7% of total household assets, while gold gained substantial ground.
- Report
- Kotak Mutual Fund D-Kode report, September 2026
- Total household assets
- Rose from $11.3 trillion in March 2023 to $16 trillion in March 2026
- Gold share
- Increased from 15.4% to 24.2%
- Gold holdings
- Rose from about $1.74 trillion to roughly $3.87 trillion
- Equity share
- Increased marginally from 5.6% to 5.7%
- Property share
- Declined from 51.3% to 47.6%
- Bank deposit share
- Declined from 14.1% to 11.2%