Indian households hold $5T gold: Morgan Stanley

Business Dec 29, 2025

Indian families now own about $5 trillion worth of gold—almost as much as the country's entire GDP.
But this boost is all about rising prices, not people buying more jewelry.

Why does it matter?

Gold's value in Indian homes is now three times higher than household stock investments, making it a big part of family wealth.
The Reserve Bank of India has also added to its gold stash, while major global buyers like China have helped push prices up even further.

What's behind the trend?

Morgan Stanley points to easier access to financial products, lower interest rates, and tax cuts that leave people with more spending money.
Still, most of this gold sits as jewelry—it's valuable, but it doesn't mean folks are suddenly splurging on new bling.