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Where India’s fund money lives

Maharashtra still holds 39.9% of India's mutual fund assets, down from 46.8% in Mar 2014. Fund assets grew 9.9 times across India in that time. Among states with over ₹50,000 crore today, Jharkhand (35 times), Bihar (24 times), Chhattisgarh (23 times) grew fastest.

Written for readers interested in how mutual fund investing has spread across India, and the industry and policymakers tracking it. State data to Aug 2026.

Each state's share

Average assets in Aug 2026: ₹88.3 lakh crore in all. Delhi, Karnataka and Gujarat follow Maharashtra. The grey dot is each state's share in Mar 2014; the coloured, labelled dot is today.

Share of India's mutual fund assets, largest 15 states

Average AUM. Andhra Pradesh with Telangana and J&K with Ladakh are combined throughout.

How to read it. Dots to the right of the grey ones are states that gained share. Maharashtra lost the most (−6.9 points); Gujarat, Delhi, Uttar Pradesh gained the most.

Mar 2014Aug 2026

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Source: AMFI state-wise average AUM (monthly), via Data bank amfi_statewise_aum
Method JSON

Who grew fastest

The fastest growth came from small bases: Uttarakhand (36 times), Jharkhand (35 times), Himachal Pradesh (33 times), against 9.9 times for India. Among larger states it was Jharkhand (35 times), Bihar (24 times), Chhattisgarh (23 times).

Fund assets now, as a multiple of Mar 2014

States and territories with at least ₹10,000 crore of average AUM. India as a whole: 9.9 times.

How to read it. Much of the growth comes from rising markets, which lift every state. Differences between states reflect new investors and new money.

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Source: AMFI state-wise average AUM (monthly), via Data bank amfi_statewise_aum
Method JSON

Equity or cash

In Jul 2026, 90% of Jammu and Kashmir and Ladakh's fund assets were in equity and hybrid funds, against 44% in Maharashtra. In Maharashtra 19% of fund assets sit in liquid funds alone: big states with many company headquarters carry a lot of corporate cash.

Equity and hybrid funds' share of each state's fund assets

AMFI's old category list, which runs to Jul 2026. States with at least ₹10,000 crore.

How to read it. Every state on the chart moved towards equity funds.

Mar 2014Jul 2026

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Source: AMFI state-wise average AUM (monthly), via Data bank amfi_statewise_aum
Method JSON

Less concentrated

Maharashtra's share of all fund assets is 39.9%; of equity-oriented assets, 28.9% in Jul 2026, from 36.7% in Mar 2014. Beyond the five largest states, the rest of India holds 31.4%.

How concentrated fund assets are

Share of India's average AUM. June-August 2014 are left out (the source's state total exceeds the industry's).

How to read it. Since Mar 2014 Maharashtra's share of equity-oriented money has fallen 7.9 points and its share of all money 7.0 points.

Maharashtra, all assetsMaharashtra, equity-orientedBeyond the five largest

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Source: AMFI state-wise average AUM (monthly), via Data bank amfi_statewise_aum
Method JSON

Every state

Per-person figures need state population estimates, which we have not added yet; these are totals.

Average AUM by state and union territory, Aug 2026. Equity-oriented and liquid shares are of the state's own assets, to Jul 2026.
RankState or territoryAverage AUMShare of IndiaShare, Mar 2014Growth since Mar 2014Equity-oriented, Jul 2026Liquid funds, Jul 2026More
1Maharashtra₹35.2 lakh cr39.91%46.78%8.4×44%19%
2Delhi₹8.7 lakh cr9.89%8.49%11.5×54%16%
3Karnataka₹6.1 lakh cr6.94%6.64%10.3×70%15%
4Gujarat₹6.0 lakh cr6.83%5.17%13.0×75%10%
5Others (as AMFI reports)₹4.4 lakh cr5.01%5.17%9.6×68%4%
6West Bengal₹4.3 lakh cr4.82%5.39%8.8×75%8%
7Tamil Nadu₹3.9 lakh cr4.40%4.17%10.4×67%13%
8Uttar Pradesh₹3.8 lakh cr4.25%2.86%14.6×85%4%
9Andhra Pradesh and Telangana₹2.8 lakh cr3.16%2.42%12.8×76%11%
10Haryana₹2.2 lakh cr2.52%4.72%5.3×65%15%
11Rajasthan₹1.8 lakh cr1.99%2.54%7.7×85%5%
12Madhya Pradesh₹1.4 lakh cr1.54%0.68%22.3×86%4%
13Kerala₹1.2 lakh cr1.33%0.77%17.0×85%6%
14Punjab₹1.1 lakh cr1.23%0.89%13.5×86%3%
15Jharkhand₹94,723 cr1.07%0.30%35.2×87%2%
16Bihar₹89,960 cr1.02%0.42%23.6×90%1%
17Odisha₹75,403 cr0.85%0.43%19.6×86%4%
18Chhattisgarh₹58,011 cr0.66%0.28%23.3×83%9%
19Assam₹48,364 cr0.55%0.27%19.9×85%2%
20Goa₹45,507 cr0.52%0.89%5.7×83%4%
21Uttarakhand₹41,172 cr0.47%0.13%36.3×87%2%
22Chandigarh₹26,102 cr0.30%0.31%9.3×86%2%
23Himachal Pradesh₹22,435 cr0.25%0.08%32.8×89%2%
24Jammu and Kashmir and Ladakh₹13,000 cr0.15%0.06%26.3×90%1%
25Meghalaya₹5,831 cr0.07%0.04%17.9×75%4%
26Puducherry₹5,451 cr0.06%0.04%14.5×86%3%
27Tripura₹3,679 cr0.04%0.01%29.9×91%1%
28Dadra, Nagar Haveli, Daman and Diu₹3,598 cr0.04%0.01%43.8×84%11%
29Sikkim₹2,914 cr0.03%0.02%20.2×86%1%
30Nagaland₹2,701 cr0.03%0.01%35.4×74%2%
31Arunachal Pradesh₹2,556 cr0.03%0.00%80.1×90%4%
32Manipur₹1,922 cr0.02%0.01%24.2×87%1%
33Mizoram₹1,588 cr0.02%0.01%18.4×63%5%
34Andaman and Nicobar Islands₹1,325 cr0.02%0.00%67.7×88%1%
35Lakshadweep₹32.4 cr0.00%0.00%38.1×94%1%

The workings

Method

Data

Every chart has a table view, a CSV download and a link to its published JSON. Bundles are listed in data status.

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