Motilal Oswal 30th AnnualWealth Creation Study 2025
India’s Biggest Wealth Boom: Rs.148Trillion Added in Five Years,
30th Motilal Oswal WealthCreation Study Predicts Multi-Trillion-Dollar Opportunity Through 2047
Study signals the start of India’s mostpowerful compounding era as the economy races toward USD 16 trillion andbeyond.
Bharati Airtel, BSE & Hindustan Aeronautics
Biggest,Fastest & Most Consistent Wealth Creators
Mumbai,11th December 2025: Motilal Oswal Financial Services Ltd. (MOFSL) todayannounced the release of the 30th Annual Wealth Creation Study (2020–2025),a landmark edition that marks three decades of deep, data-backed equityresearch led by Mr. Raamdeo Agrawal, Chairman, Motilal Oswal Group. Thestudy examines India’s evolving wealth creation landscape and presents thisyear’s theme: India – The Multi-Trillion DollarOpportunity - Compounding Economy, Compounding Stocks, an explorationof how India’s economic compounding is set to create exponential opportunitiesfor investors, businesses, and capital allocators.
The Motilal Oswal 30th Annual Wealth Creation Study has two parts:
1. Findings on WealthCreation during the 5-year period 2020-2025 (March ending)
2. Theme Study: India – The Multi-Trillion Dollar (MTD) Opportunity- Compounding Economy, Compounding Stocks
Key Highlights of Motilal Oswal 29th Annual Wealth CreationStudy
· Wealth Creation during 2020–2025 is thehighest in the 30-year history of the study, with the top 100 companiesadding ?148 trillion, driven by the sharp rebound from the COVID-19lows.
· Bharti Airtel, BSE and HindustanAeronautics emerge as the Biggest, Fastest and Most ConsistentWealth Creators, respectively. HAL is also the Best All-round WealthCreator of the study period.
· Financials remain the largest WealthCreating sector, followed by Industrials, Capital Markets, Technologyand Utilities.
· PSUs extend their comeback, especially in defence,energy and utilities.
· The world is getting wealthier and so isIndia, with global financial assets compounding steadilyand India’s market cap compounding at 17% over the last 20 years. Indiais now the 4th largest equity market globally.
· There is no absolute upper limit tofinancial wealth, despite periodic disruptions, global and Indianequity markets continue to expand structural wealth over long cycles.
· India’s GDP quadrupled from USD 1 trillionto USD 4 trillion in the last 17 years; the study projects anotherquadrupling in the next 17 years, driving a Multi-Trillion Dollar (MTD)opportunity across sectors.
· In this MTD era, Financials(including Capital Market businesses) and Consumer Discretionary areexpected to witness explosive expansion as they hit scale andpenetration tipping points.
· The MTD era will see many compoundingstocks, supported by rising incomes, financialization,formalization, and strong corporate profit cycles.
· Large caps are likely to perform better inthe medium term.
· The Wealth Effect is accelerating with rising household equityownership. Even a modest 5% wealth effect on incremental market cap canmaterially lift GDP growth, reinforcing a virtuous cycle of wealth creation andconsumption.
Commenting on his study Raamdeo Agrawal, Chairman, Motilal OswalFinancial Services said, “India isentering its most powerful compounding era. As the economy moves from USD 4trillion toward USD 16 trillion, the combination of rising financialization,expanding equity ownership and stronger corporate profitability is creating aMulti-Trillion-Dollar opportunity for investors. Long-term wealth will becreated by high-quality businesses that can compound for decades. The key is toselect your compounders carefully and avoid the temptation to time the market.”
Part 1) Wealth Creation Study Findings
The Motilal Oswal 30th Annual Wealth Creation Study(2020–2025) analyses the top 100 Wealth Creators of India Inc. Wealth Createdis measured as the change in market capitalization over five years, adjustedfor mergers, demergers, buybacks, capital issuance and dividends. The Studyidentifies the Biggest, Fastest, Most Consistent and Best All-round WealthCreators, and highlights major trends shaping India’s equity wealth creationlandscape.
Study Highlights – 2020–25 Wealth Creation
· 2020–25 Wealth Creation hits anall-time high of ?148 trillion
· The top 100 Wealth Creators added ?148trillion, the highest in 30 years of the study.
· Wealth Creation grew at 38% CAGR, sharplyoutperforming the BSE Sensex’s 21% CAGR.
Bharti Airtel is the Biggest Wealth Creator
· Bharti Airtel leads with ?7.9 trillion inwealth created, followed by ICICI Bank and SBI.
· Strong operating momentum and consistentre-rating lifted large Financials and Telecom.
BSE is the Fastest Wealth Creator
· BSE tops the Fastest Wealth Creators listwith a 124% Total Return CAGR.
· An equal investment in the top 10 fastestWealth Creators grew to ?240 million from ?10 million, delivering 88% CAGR vsNifty TRI’s 24%.
Hindustan Aeronautics is the Most Consistent Wealth Creator
· HAL outperformed the Nifty TRI in all 5years and delivered a 75% Total Return CAGR.
· It also emerges as the Best All-roundWealth Creator, reflecting strength across scale, consistency and speed.
Financials dominate Wealth Creation and PSUs extend their strong revival
· Financials are the largest contributors toWealth Creation, supported by robust profitability, credit growth and balancesheet strength.
· Industrials, Capital Markets, Technologyand Utilities follow.
· Defence, energy and utilities PSUs showsustained turnaround, with HAL, BEL and NTPC featuring prominently in therankings.
Part2) Theme Study: India – The Multi-Trillion Dollar Opportunity - Compoundingeconomy, compounding stocks.
Summary
• The world is getting wealthier, andIndia even faster. India’s market cap has compoundedat 17% over 20 years and now stands at 1.3x GDP.
• Financial wealth has no upperlimit. As India’s economy gets moresecuritized and equity participation deepens, market cap can grow far ahead ofGDP.
• India’s GDP is set for anotherquadrupling; from USD 4 trillion to USD 16trillion over the next 17 years, driving a powerful WealthEffect.
• This marks the start of a Multi-Trillion-Dollar(MTD) era, benefiting Financials, Capital Markets and Consumer Discretionariesas they hit scale and penetration inflection points.
• The MTD cycle will create manylong-term compounders, businesses with moats, high RoE, sectortailwinds and disciplined capital allocation.
• Large capsare likely to outperform in the medium term, supported by stronger balancesheets and higher institutional ownership.
Why This Is India’s Most Powerful Wealth Creation Phase
• Rapid financialization— record SIPs, rising demat accounts, deeper retail participation.
• Wealth Effect kicking in— rising financial wealth is beginning to lift consumption.
• A new growth epoch— India adds USD 12 trillion over the next 17 years.
Sectors Best Positioned
• Financials & Capital Markets — credit expansion,stronger banks, booming retail investing.
• Consumer Discretionaries — accelerating premiumization as incomesclimb
Fasten your seat belt for the excitingtimes ahead!
India MTD Portfolio
Armed with the consideration set of sectors and the QGLPstock-picking framework, we set about shortlisting stocks for the India MTDPortfolio.
IMPORTANT DISCLAIMER
• The stocks are purely based on thequantitative methodology explained herein, and should not be construed asinvestment advice.
• Further, Motilal Oswal, which appears inthe list, is the company which has published this Study.
AboutMotilal Oswal Financial Services Limited.
MOFSL is a financialservices company. Its offerings include Wealth Management, Capital Markets(Institutional broking & Investment banking), Asset & Private WealthManagement (Asset Management, Private Equity & Private Wealth Management),Housing Finance & Equity based treasury investments. MOFSL employs 12,850+employees serving to 14.5mn+ clients via distribution reach in 550+ cities.MOFSL has Assets Under Advice (AUA) of Rs. ~6.8 Lakh Cr.
Media Contacts:
Rohini Kute
Head – CorporateCommunication, Motilal Oswal Financial Services
Rohini.kute@motilaloswal.com