India’s top 100 wealth creators have delivered an impressive 38% CAGR, far outperforming the Sensex, which grew at 21% CAGR over the same period. Leading the list of major wealth creators are Bharti Airtel, ICICI Bank, SBI, Bajaj Finance, and L&T. Meanwhile, BSE emerged as the fastest wealth creator, posting a remarkable 124% CAGR.
India Set for Multi-Trillion Dollar Growth
According to Motilal Oswal Financial Services (MOFSL), this exceptional scale of wealth creation signals the start of India’s “Multi-Trillion Dollar (MTD) era” — a phase where both the economy and the equity markets expand in tandem.
MOFSL projects India’s GDP to quadruple from $4 trillion today to over $16 trillion by 2042, driven by:
- A sustained 9% dollar GDP CAGR
- Rising household financial savings
- Expansion of equity market participation
Wealth Effect to Boost Consumer Spending
A major catalyst, MOFSL notes, will be the wealth effect — the tendency of consumers to increase spending as their asset values grow.
The report estimates that the ₹27 trillion surge in India’s market-cap in FY25 could generate:
- ₹1.35 trillion in additional consumer spending in FY26
- An uplift of 0.4 percentage points to India’s GDP growth
As equity ownership becomes more widespread, this positive feedback loop of rising wealth and rising consumption is expected to strengthen further, supporting India’s long-term growth trajectory.
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