Why Asia's richest man and BlackRock CEO want Indians to pick equities over gold

NEW YORK – In a powerful call to action aimed at reshaping India's investment landscape, two of the most influential figures in global finance are urging the nation's savers to pivot from a centuries-old affinity for gold to the dynamic potential of the stock market. Mukesh Ambani, Chairman of Reliance Industries and Asia's wealthiest individual, and Larry Fink, CEO of the world's largest asset manager, BlackRock, have jointly advocated for a fundamental shift in how Indians deploy their capital.

Their message, delivered during a high-profile fireside chat on Wednesday, is simple yet profound: channeling domestic savings into equities will unlock a cycle of compounding wealth for individuals and fuel unprecedented growth for the Indian economy. This advice lands at a critical juncture, with their own joint venture, Jio BlackRock, strategically positioned to capitalize on this very transformation.

The Core Argument: "Unproductive" Gold vs. "Compounding" Equities

The central thesis from Ambani and Fink targets India's deep-rooted cultural and financial attachment to physical gold. Ambani characterized the vast household savings held in precious metals as largely stagnant.

"A large portion of domestic savings in gold and silver are unproductive," Ambani stated, drawing a sharp contrast with the wealth-creation engine of the capital markets. He emphasized that money invested in "the stock market is compounding," generating returns that far outpace static assets over the long term.

This argument is a direct challenge to a tradition where gold is not merely an investment but a symbol of security, a hedge against inflation, and an integral part of cultural milestones like weddings and festivals.

• Why it matters: When the head of India's largest conglomerate and the CEO of a $10 trillion asset manager speak in unison, the market listens. Their public push is less a casual observation and more a declared strategy to accelerate the financialization of India's massive domestic savings pool, estimated to be one of the largest in the world.

The Business Behind the Push: The Jio BlackRock Venture

This advocacy is firmly rooted in a strategic business partnership. Last year, Reliance Industries and BlackRock joined forces to launch Jio BlackRock Asset Management, a venture designed to merge BlackRock's global investment expertise with Reliance's unparalleled distribution network across India.

The joint venture aims to deliver tech-enabled, affordable investment solutions to millions of Indians, from seasoned investors to first-time market participants. The partnership has already begun its journey, launching its first funds and gaining initial traction.

• By the numbers: Jio BlackRock rolled out its inaugural equity fund in August of last year. As of the end of December, the firm's equity funds had accumulated assets under management (AUM) of 31.98 billion rupees, equivalent to approximately $353 million. While a modest start, it signals the beginning of a long-term play to capture a significant share of the burgeoning Indian mutual fund market.

Navigating a Challenging Market Backdrop

The call for equity investment comes during a period of lukewarm performance for Indian stocks and heightened volatility in the gold market. This context makes the advice from Ambani and Fink both timely and strategic.

The Nifty 50, India's benchmark stock index, has been an underperformer so far this year, posting a decline of nearly 2% as of January 15, 2026. This contrasts with several years of robust gains, presenting what long-term bulls might see as an attractive entry point.

Simultaneously, the global gold market has been characterized by price swings, influenced by shifting expectations for central bank policies, geopolitical tensions, and fluctuating demand. This volatility undermines gold's traditional role as a stable store of value.

• State of play: The duo's message is effectively timed to present equities as the superior long-term solution. They are encouraging investors to look past short-term market noise and focus on the structural growth story of the Indian economy, which remains one of the fastest-growing major economies in the world.

A Generational Shift: From Physical Assets to Financial Instruments

At its heart, the push by Ambani and Fink taps into a powerful, ongoing trend in India: the increasing financialization of household savings. For generations, Indian families preferred tangible assets like real estate and gold. Today, a new wave of investors is embracing financial instruments.

This shift is driven by several factors, including rising financial literacy, the proliferation of digital platforms that simplify investing, and the success of Systematic Investment Plans (SIPs), which allow for regular, disciplined investing in mutual funds with small amounts of money.

• The gold tradition: For centuries, gold has been the primary savings vehicle in India, trusted for its liquidity and cultural significance. India remains one of the world's largest consumers of the yellow metal, with household holdings estimated to be over 25,000 tonnes.

• The equity push: The rise of the "demat" (dematerialized) account and mobile trading apps has democratized access to the stock market. Mutual funds, in particular, have seen explosive growth as they offer a diversified and professionally managed entry into equities for retail investors.

The Bottom Line and What's Next

The coordinated message from Reliance and BlackRock is a clear signal of their intent to lead and profit from a fundamental change in India's savings habits. By nudging savers from "unproductive" physical assets toward the capital markets, they are not only building a business but also aligning with a national economic priority.

Channeling a greater portion of India's $3 trillion-plus economy into domestic equities would create a virtuous cycle. It would provide a stable source of capital for Indian companies to expand, innovate, and create jobs, thereby reducing reliance on foreign institutional investment and deepening the country's capital markets.

• What to watch: The success of this grand vision will be measured over the coming years. Key indicators will include the growth of AUM for Jio BlackRock and its competitors, trends in monthly SIP inflows versus gold import data, and potential government policy changes—such as tax incentives—that could further encourage the move from physical gold to financial assets. The campaign to win over the Indian saver has officially begun.