Goa Among Top 3 States in Average AUM Per Folio, Surpasses Maharashtra

The state-wise distribution of mutual fund assets under management (AUM) reveals intriguing insights about investor participation across different regions. As of December 2024, New Delhi, Goa, and Maharashtra have emerged as the top 3 states with the highest average AUM per folio, surpassing the ₹1 lakh mark.

The calculation of average AUM per folio is straightforward—it is derived by dividing the total AUM of a state by the total number of folios registered in that state. This metric provides an indicator of investor engagement, average ticket size, and the overall investment appetite of residents within each region.

Top States Based on Average AUM Per Folio

A closer look at the numbers highlights the significant gap between the leading states and others. The top 3 states with the highest average AUM per folio are:

• New Delhi: ₹2.76 lakh
• Goa: ₹2.45 lakh
• Maharashtra: ₹2.25 lakh

These are the only three regions where the average AUM per folio exceeds ₹1 lakh, indicating a concentration of high-value investments in these states.

Following closely behind, Haryana, Karnataka, and Gujarat occupy the next three positions with figures of ₹78,700, ₹71,750, and ₹71,570, respectively. These states have a robust investor base but trail the leaders by a considerable margin.

Interestingly, smaller regions like Sikkim and Andaman & Nicobar Islands have also made it to the top ten, suggesting that even states with lower population densities are witnessing growing investment participation.

Here’s a look at the 9 nine states based on average AUM per folio:

At the lower end of the spectrum, Bihar has the lowest average AUM per folio at ₹5,700, followed by Manipur (₹5,190) and Jammu & Kashmir (₹7,570), indicating a relatively lower mutual fund penetration in these regions.

AUM to GDP Ratio: Measuring Investment Depth

While average AUM per folio provides insights into individual investment levels, another important metric to consider is the AUM to GDP ratio, which indicates the proportion of a state’s economic output held in mutual fund investments.

As expected, Maharashtra leads the rankings with an AUM to GDP ratio of 90%, reflecting its dominant position as India’s financial hub. New Delhi follows with 54%, while Goa holds the 3rd position with 46%.

Interestingly, Jharkhand, which doesn’t feature in the top states for average AUM per folio, finds its place in the top 10 when measured by the AUM to GDP ratio. This highlights how investment penetration varies when adjusted for the size of the state’s economy.

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