Indian household asset allocation shifts: Gold share jumps from 15% to 24% in 3 years; equity barely moves

India’s rising mutual fund SIP and equity fund inflows may suggest that households are steadily moving towards equities and market-linked investments. But a broader look at household asset allocation tells a different story.

The latest Kotak Mutual Fund ‘D-Kode’ report for September 2026 shows that equities accounted for just 5.7% of total Indian household assets in March 2026, barely higher than 5.6% in March 2023.

The bigger change has been in gold. Its share in household asset allocation jumped from 15.4% in March 2023 to 24.2% in March 2026, making it one of the most notable shifts in where Indian households are storing their wealth.

With total household assets rising from $11.3 trillion in March 2023 to $16 trillion in March 2026, the change becomes even more significant.

How much wealth is now held in gold?

In March 2023, gold accounted for about $1.74 trillion of Indian household assets. By March 2026, this had risen to roughly $3.87 trillion.

That means household wealth held in gold more than doubled in three years, rising by around $2.1 trillion.

By comparison, the share of equities barely moved despite the rapid growth in SIP investments and mutual fund participation. The data suggests that new money flowing into market-linked products may be increasing, but it has not yet fundamentally altered the overall composition of Indian household wealth.

How has Indian household asset allocation changed?

Property continues to be the biggest component of Indian household assets, although its share has declined meaningfully from 51.3% in March 2023 to 47.6% in March 2026.

Even after the decline, nearly half of the household asset pool remains tied up in property, underlining how important real estate continues to be in Indian wealth creation and preservation.

Gold has emerged as the second-largest component, with its share rising sharply from 15.4% to 24.2% over the three-year period.

Bank deposits remain the third-largest component of household wealth. However, their share declined from 14.1% in March 2023 to 11.2% in March 2026. This suggests that although bank deposits continue to form an important part of household savings, they have lost some ground within the overall asset mix.

Equities came next, but their share increased only marginally, from 5.6% to 5.7% over the three-year period.

Insurance funds also saw their share decline, from 6.3% as of March 2023 to 5.1% as of March 2026. The share of provident and pension funds edged down from 3.9% to 3.7%, while cash holdings fell more sharply, from 3.4% to 2.5% during the same period.

The numbers show that Indian households are gradually changing the composition of their wealth, but the shift is not simply from traditional assets to equities.

Property still dominates household balance sheets, while gold has gained considerable ground. At the same time, bank deposits, insurance, and cash have seen their shares decline.

Disclaimer: This is purely for educational/informational purposes and should not be taken as any sort of investment advice. Always consult a SEBI-registered advisor before making any investment decisions.