New Delhi, Sept. 10 -- 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 ...