Shift from physical to financial assets signals a maturing Indian wealth landscape: Spark Capital PWM CEO

India’s wealth accumulation pattern has undergone a decisive transformation over the past five years, with investors increasingly shifting from traditional physical assets such as real estate and gold to financial instruments, particularly equities, according to Arpita Vinay, Senior Managing Director and CEO of Spark Capital PWM.

Speaking to businessline on the sidelines of the inauguration of the company’s new office in Kochi, she said the growing participation of retail investors in equity markets—reflected in sustained mutual fund inflows—underscores the increasing maturity of India’s financial ecosystem.

“Earlier, wealth creation was dominated by real estate, followed by gold. Today, equities are emerging as a preferred asset class,” she said. Unlike real estate and gold, equities offer transparency and liquidity; however to fully benefit from the long-term compounding that equities offer, the investment horizon needs to be at least 3-5 years.

She pointed out that India’s organised wealth management industry remains largely concentrated among affluent individuals, high-net-worth individuals (HNIs), and ultra-HNIs. The size of the organised segment is estimated at around ₹25 lakh crore, driven in part by inter-generational wealth transfers.

Spark Capital PWM, which currently manages assets worth about ₹40,000 crore, has set an ambitious target of scaling up its assets under management (AUM) to ₹1 lakh crore over the next three years. “Our integrated proposition combining investment banking and wealth management enables us to generate strong revenues and deepen client engagement,” she said.

The company has expanded its client base to over 3,000 relationships, serving a diverse mix that includes affluent families, business owners and promoters, family offices, new-age entrepreneurs, and senior corporate executives requiring sophisticated financial planning and investment solutions.

Referring to Kerala, Arpita Vinay said the State stands out as one of India’s most globally connected wealth markets. “NRIs represent a major growth opportunity for us, which led to the establishment of our international office in Dubai,” she said.

She added that the company’s offices in Kochi, Thiruvananthapuram, and Dubai will play a strategic role in addressing the evolving wealth management requirements of NRI clients across geographies.

Published on February 26, 2026