Ambani and Fink Urge Indians to Swap Gold for Stocks

Financial Titans Call for Shift from Gold to Equities

In a landmark joint appeal, Asia's richest man Mukesh Ambani and BlackRock CEO Larry Fink have urged Indian investors to move their savings from traditional gold holdings to the country's stock markets. The powerful message comes at a critical juncture for India's financial landscape, where gold has long been the preferred store of value for millions of households.

'It is not productive to keep a large portion of domestic savings in gold and silver,' declared Ambani, chairman of Reliance Industries, during a recent financial summit. 'Money invested in the stock market actually yields returns.'

The 'Era of India' is Here

Fink, who leads the world's largest asset manager with over $10 trillion under management, went even further in his assessment. 'The next 20 to 25 years will be the era of India,' he proclaimed, emphasizing that Indians should invest in their country's growth through capital markets rather than passive gold holdings.

The timing of this advice is particularly noteworthy. According to CNBC reports, gold prices have shown extreme volatility recently, while India's benchmark Nifty 50 index has underperformed expectations. Yet both financial leaders remain bullish on India's long-term equity prospects.

Changing Investment Patterns

Indians have traditionally been among the world's largest gold buyers, with cultural and religious significance attached to the precious metal. However, data shows a gradual shift toward financial products. According to consulting firm Bain & Company, Indian household investments in mutual funds are expected to surge from 45 trillion rupees in fiscal year 2025 to 300 trillion rupees (approximately $3.3 trillion) by 2035.

Currently, nearly 59% of Indian household wealth remains tied up in gold and real estate, down from 66% in 2015. This gradual transition represents what Fink calls the 'financialization' of Indian savings.

Strategic Partnership Behind the Message

The joint appeal from Ambani and Fink isn't coincidental. Their companies have formed a strategic partnership through JioBlackRock, a joint venture announced in July 2023 with $150 million commitments from each partner. The venture launched its first equity fund in India in August 2025, which had already amassed 31.98 billion rupees ($353 million) by December.

'For BlackRock, India has become a core pillar of long-term strategy,' noted financial analysts. 'This is a destination where long-term capital can compound even in volatile global markets.'

Economic Context and Outlook

The International Monetary Fund projects India will remain the world's fastest-growing major economy, with expected growth of over 6% in 2026 compared to global growth of 3.3%. This contrasts with anticipated weaker performance from major economies like Germany, the UK, and Japan.

Fink predicts India's equity market could 'double and triple and quadruple' over the next two decades, while expressing skepticism about similar growth potential for gold markets. His confidence stems from India's unique combination of scale, technological adoption, and a rapidly expanding investing culture.

The shift from gold to equities represents more than just investment advice—it signals a fundamental transformation in how India's growing middle class approaches wealth creation and financial security in the 21st century.