Mapping India’s Mutual Fund Wealth: Highest Equity and Non-Equity Assets by State and UT

As of September 2025, data from AMFI reveals that Maharashtra, New Delhi and Gujarat lead India in mutual fund (MF) assets. These states account for a major share in both equity and non-equity Mutual Fund investments. 

Maharashtra Dominates in Total and Non-Equity MF Assets 

Maharashtra has emerged as the top contributor to India’s mutual fund assets, with an AUM of ₹31,53,500 crore. Notably, it holds ₹13,56,005 crore in equity assets, representing 43% of its total Mutual Fund holdings.  

It also leads significantly in non-equity investments, with ₹17,97,495 crore, comprising 57% of its Mutual Fund portfolio. This makes Maharashtra the only state with a sub-50% equity allocation, reflecting its institutional-heavy investor base. 

Top Performers in Equity Mutual Fund Assets 

Gujarat and Karnataka stand next in line, with equity assets worth ₹3,90,500 crore and ₹3,74,430 crore respectively, each having around a 70% equity share. New Delhi and Uttar Pradesh also show high equity engagement with ₹3,57,846 crore and ₹3,04,527 crore respectively.  

Interestingly, Bihar (90%), Tripura (92%) and Jammu & Kashmir (91%) show a high preference for equity investments relative to their overall Mutual Fund assets. 

States with Significant Non-Equity Holdings 

Beyond Maharashtra, New Delhi ranks second in non-equity Mutual Fund assets with ₹2,69,954 crore, followed by Karnataka at ₹1,60,470 crore. Tamil Nadu and Gujarat hold ₹1,23,095 crore and ₹1,59,500 crore respectively in non-equity instruments.  

Haryana and West Bengal also feature in higher non-equity allocations with ₹1,01,118 crore and ₹94,225 crore respectively. 

Read More: Best Equity Mutual Funds in India for December 2025: ITI Small Cap, Bandhan Small Cap and More! 

States with Lower Asset Contributions 

States like Manipur, Arunachal Pradesh and the Andaman & Nicobar Islands report the lowest total Mutual Fund AUM, each contributing below ₹2,000 crore. However, even these regions show equity shares above 85%, indicating widespread retail participation despite limited asset volumes. 

Conclusion 

Maharashtra, Gujarat and Karnataka lead India's mutual fund asset landscape, with Maharashtra dominating in both equity and non-equity categories. Smaller states show encouraging equity-focused participation, signalling growing retail investor interest across regions. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities or companies mentioned are only examples and not recommendations. This does not constitute a personal recommendation or investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Mutual Fund investments are subject to market risks, read all scheme-related documents carefully.