Listen to this article
According to recent industry data released by AMFI, New Delhi has the highest per capita AUM of Rs. 2.72 lakh as on March 2025.
The per capita AUM of a state represents the assets under management for every individual living in the given state. It is calculated by dividing the total AUM of the state by the total population of the state. For instance, the AUM of UP is Rs.3.11 lakh crore while its population is 24 crore. Here, the per capital AUM is Rs.3.11 lakh crore/24 crore = Rs.13480.
Goa and Maharashtra occupy the next two spots with per capita AUM of Rs. 2.32 lakh and Rs. 2.18 lakh, respectively.
Further, in terms of average AUM with respect to percentage of state’s GDP or AUM to GDP ratio, Maharashtra, New Delhi and Goa are the top three states/UTs.
Maharashtra has maintained the highest AUM to GDP ratio of 87%. New Delhi and Goa take the next two positions with AUM to GDP ratio of 54% and 44%, respectively.
The average AUM to GDP ratio is the total assets of the state divided by its GDP.
Gujarat and Haryana are the next two states with highest AUM to GDP ratio of 24% and 23%, respectively.
Here are the key state wise trends in terms of the per capita AUM:
- New Delhi, Goa and Maharashtra are the only three states that have per capita AUM of more than Rs. 2 lakh
- There is no state with the per capita AUM between Rs. 1 lakh and Rs. 2 lakh
- Haryana, Karnataka and Gujarat occupy the fourth fifth and sixth place. Haryana has per capita AUM of Rs. 77,800 while Karnataka stands at Rs. 68,460. On the other hand, Gujarat has Rs. 66,450 per capita AUM in mutual funds
- Only six states have a per capita AUM above Rs. 50,000
- 14 states have per capita AUM below Rs. 18,500, showing the under-penetration among majority of the states
- These states include states like Uttar Pradesh, Madhya Pradesh, Andhra Pradesh, Odisha, Chhattisgarh and all the North Eastern states, except for Sikkim which has Rs. 33,040 per capita AUM
- Maharashtra has 260 AMC branches, the largest for any state
- With 171 AMC branches, Uttar Pradesh stands second in terms of number of AMC branches which is followed by Karnataka and Tamil Nadu with 121 AMC branches each
Unlock the power of smart investing—join Cafemutual Passive Conference on May 23 at Taj Santacruz and stay ahead in the passive revolution.
Register yourself now.
To know more about Cafemutual Passives Conference 2025, click here!
