Which states are investing most in equity-oriented funds?

The July 2025 AMFI geographical data shows how investors across states are spreading their money across categories. And if you zoom into equity-oriented schemes, the category that powers long-term wealth creation, some states stand out clearly.

Maharashtra tops

Maharashtra continues to dominate India’s mutual fund landscape. Of the total equity-oriented assets under management (AuM), Maharashtra alone accounts for a staggering Rs 13.3 lakh crore, more than the combined equity AuM of the next three states on the list: Gujarat, Karnataka and New Delhi.

This isn’t surprising. Maharashtra, especially Mumbai, is India’s financial hub.

What AuM per capita tells us

Absolute AuM figures tell only part of the story. To understand penetration, it’s better to look at AuM per capita, essentially, how much mutual fund money is invested per resident of a state.

Here the contrast is stark. New Delhi leads, with each person investing Rs 3.05 lakh in mutual funds, which includes equity, debt and hybrid funds. Goa is second at Rs 2.60 lakh, followed by Maharashtra at Rs 2.51 lakh. Interestingly, Chandigarh and Haryana round up the top five.

On the flip side, the North East states, Bihar (Rs 6,205), Madhya Pradesh (Rs 13,906) and Uttar Pradesh (Rs 15,500) are still far behind.

What this means for investors

The numbers underline that large portions of mutual fund investing are happening in the more affluent states, like Maharashtra, Gujarat, Delhi and the five southern states.