Are Indians investing more, or are asset-rich Indians getting richer? Zerodha's Nithin Kamath sparks debate online

India's financial assets have grown sharply since 2020, with mutual fund AUM, bank deposits, and equity holdings rising. But does this reflect wider market participation or growing wealth among existing investors? Zerodha's Nithin Kamath raises questions about who benefits.

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).

India's financial assets have grown sharply

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.

Both categories show a sustained upward trend over the period, although bank deposits remain substantially larger in absolute terms.