Mutual fund investment in India concentrated in major cities, Mumbai dominates

Mutual fund investment in India is concentrated in certain specific cities, according to a report by TV9 Gujarati. Data from the Association of Mutual Funds in India (AMFI) provided by Value Research up to September 2026 shows that Mumbai alone holds a 27.18 per cent share in the country's total mutual fund Assets Under Management (AUM). This means more than one-fourth of the country's total mutual fund investment is in just one city.

Mumbai's share is higher than the combined share of Delhi, Bengaluru, and Pune. After Mumbai, the national capital Delhi is in second place, with a share of approximately 16.3 per cent. Bengaluru's share is 6.1 per cent and Pune's is 4 per cent. The combined share of these three cities is approximately 26.4 per cent, which is less than Mumbai's 27.18 per cent share. These figures clarify Mumbai's strong position in terms of mutual fund investment.

Speaking of other cities, Kolkata's share is approximately 3.3 per cent, Ahmedabad's 2.8 per cent, and Chennai's 2.7 per cent. There is 2.1 per cent investment in Hyderabad, while the share of both Jaipur and Vadodara is approximately 0.9 per cent. These figures suggest that the contribution of financial hubs like Mumbai and Delhi is much higher than other major cities.

According to the report, the top 10 cities in the country hold a 66.24 per cent share of the mutual fund industry's total AUM. That is, about two-thirds of the country's total investment is in only 10 cities, while the remaining 33.76 per cent of AUM is spread across other cities in the country. This makes it clear that investment is not evenly distributed across the country, but there is a significant presence of investment even outside the top 10 cities.

Mumbai, also known as Bombay, is the capital of Maharashtra state and the financial capital of India. It is located on the Konkan coast on India's western coast and has a deep natural port there. According to the 2011 census, it is India's most populous city, with a population of approximately 1.25 crore, while the population of the Mumbai metropolitan region is more than 2 crore.