From Maharashtra to Mizoram: What AMFI Data Reveals About India’s Investment Divide

The wealth map is not a smooth curve, instead it is a barbed silhouette if one looks it from a state-wise perspective. Maharashtra has towered over the rest with assets under management (AUM) nearly matching its entire state GDP—clocking in at a staggering 91.3% of the GDP, according to the AMFI’s April 2025 report. But just one rank down, the disparity kicks in—Delhi, despite holding second spot, has AUM worth 56% of its GDP.

The distribution keeps pace for a couple more states, but by the time we hit Gujarat at the fifth spot, the gap turns into abyss. Gujarat’s AUM equals just 25% of its GDP, nearly half of Chandigarh’s (44%) at the fourth spot. While absolute numbers may offer another dimension, AUM as a percentage of state GDP speaks volumes about the depth of investment penetration in a region.

Top States; Deep Gaps

Apart from Maharashtra and Delhi, other states in the top 10 spots (by AUM-to-GDP ratio) are Goa, Chandigarh, Gujarat, Haryana, West Bengal, Karnataka, Jharkhand, Uttar Pradesh. On the other hand, all the seven-sister states are among the bottom 10 states on the aforementioned parameter. Their AUM sits at just 4-7.5% of their respective state GDPs.

Maharashtra’s Mammoth Lead

If one looks at the ranking of states from the lens of total AUM share—Maharashtra again tops the list, accounting for almost 41% of the total industry AUM, according to the AMFI report. And again, the national capital of India, New Delhi holds on to the second position, but this time with a more lopsided figure. New Delhi accounts for only 8.4% of the total AUM industry.

The total AUM of Maharashtra is equal to the cumulative AUM of 13 states—Gujarat, Karnataka, West Bengal, Uttar Pradesh, Tamil Nadu, Haryana, Rajasthan, Telangana,  Madhya Pradesh, Kerela, Arunachal Pradesh, Punjab and Jharkhand. While the drumbeats of investment success grow louder, the ground beneath remains uneven. Maharashtra’s average AUM as of April was Rs 28.39 lakh crore, almost five times AUM for Delhi’s Rs 5.82 lakh crore.

Portfolio Composition: Asset Diversification

In India’s investment landscape, size seems to shape strategy. A closer look at the AUM map of India reveals that the states with the biggest investment pie are spreading their slices smartly, having more balanced portfolios. Maharashtra, sitting atop with the highest AUM has a hefty 59% of its AUM parked in non-equity avenues. The runner-up, New Delhi has 47% of non-equity portion in its total AUM. Similarly, Gujarat, Tamil Nadu, and Karnataka, all part of the top 10, maintain a respectable 29–37% share in non-equity bets.

In contrast, states with smaller AUM figures lean more aggressively into equities, often lacking the cushion or inclination to diversify. These states have equity allocations ranging up to 92%. However, if one will dig into the tail end of the chart a few underdogs will stand out. For Mizoram 42% of the AUM sits outside equities, while Sikkim and Nagaland have 27% and 24% non-equity allocations, respectively. As many as 85% of the assets from bottom 30 locations are parked in equity schemes as of April, while for top 30 locations, equity-oriented schemes accounted for 53% of their assets in April.

The AUM for both top 30 and bottom 30 locations grew at an equal pace in April. According to the data available on AMFI, AUM for these categories grew 4% each from the respective figures recorded in March. The top 30 locations in India account for 82% of the total industry AUM. 

Infrastructure Divide

Physical access to asset management companies (AMC) also remains a quiet but potent factor influencing investment depth. On one hand, where some states are flush with AMC branches, others do not have a trail. The top five states, which dominate in AUM size, are also flooded with a total of 741 AMC branches. Maharashtra, unsurprisingly, leads here too with 260 branches. Together, the top five states hold nearly 42% of the country’s branch network, as per the data available on AMFI.

Meanwhile, the northeastern states of India remain largely unplugged from this network. Just 45 branches cater to all seven states combined, of which 32 branches are in Assam alone, while Mizoram and Manipur remain completely off the grid.

As we celebrate the surge in mutual fund participation, a deeper look reveals a bifurcated investment landscape. Bridging this divide will be crucial in achieving India’s goals for democratic financialisation.