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Are Indians investing more, or are asset-rich Indians getting richer? Zerodha's Nithin Kamath sparks debate online
Mint 1 hr ago·16 Oct 2026, 9:18 am
India's financial landscape has seen a significant surge in assets since 2020, with mutual fund assets, bank deposits, and equity holdings all climbing. This growth has sparked a debate on social media, led by Zerodha co-founder Nithin Kamath, regarding the true nature of this expansion.
Kamath questions whether this increase is driven by a broader base of new investors joining the market or if it simply reflects the growing wealth of a smaller group of existing, asset-rich individuals. This distinction is crucial for understanding the health of the financial ecosystem.
Investors should monitor the data on new account openings versus the performance of existing portfolios. If growth is driven by new participants, it suggests a more inclusive market. If it is driven by existing wealth, it may indicate a concentration of gains among a specific demographic.
Excerpt from Mint
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…Read the original at Mint
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