Over half of high-net-worth women in India actively participate in family investment decisions

More than half of high-net-worth women in India are now actively involved in family investment decisions, a first in the country’s wealth management history, according to the second edition of the Women of Wealth report released by Waterfield Advisors on Wednesday.

Rising participation in investment decisions

The survey of 169 women across Tier 1 and Tier 2 cities — all from families with net worth above ₹5 crore — found that 50.9 per cent rated their involvement in household investment decisions at 8 or above on a 10-point scale, up from 47 per cent in 2024. The average involvement score rose from 6.2 to 6.95 over the same period.

Equity and gold see strong traction

Equity participation recorded the sharpest shift. The share of respondents investing in or actively interested in domestic equities climbed to 72.8 per cent, up nearly 11 percentage points from 61.9 per cent in 2024 — the largest single movement across both editions of the study. Gold allocation also rose simultaneously, from 54.3 per cent to 62.7 per cent, suggesting portfolio expansion rather than asset substitution.

Risk appetite challenges stereotypes

The data challenge the widely held assumption that women investors are risk-averse. Roughly 53 per cent of respondents said they could absorb a portfolio decline of more than 20 per cent before experiencing meaningful concern. The report argues this indicates risk-awareness, not risk-aversion, and has direct implications for how advisors construct portfolios for this segment.

Improving financial literacy levels

Financial understanding is also improving. The proportion of Level 2 investors — those who thoroughly understand investments and have well-defined long-term goals — rose from 22.9 per cent to 28.4 per cent. The share of women with no investment understanding fell from 21 per cent to 17.8 per cent.

Income gap drives participation divide

However, structural gaps remain. A woman’s economic role within the household remains the sharpest dividing line in the data. Primary earners reported an average involvement score of 9.62 out of 10, while women relying entirely on family income reported an average score of just 5.13. Real estate allocation declined steeply, from 41 per cent to 29.6 per cent, as liquidity and transparency concerns appear to be driving a shift toward listed instruments.

Transparency tops advisory preferences; AI gains acceptance

On advisory preferences, 75.1 per cent of respondents named complete fee and conflict-of-interest transparency as their foremost non-negotiable from a wealth manager — ranking above ethics, investment access, and all other considerations.

Regarding technology, 68.6 per cent expressed comfort with AI-powered tools used alongside a human advisor, while 24.9 per cent preferred no AI involvement at all.

The report was authored by HERitage by Waterfield, a wealth advisory vertical focused exclusively on women. Waterfield Advisors manages over $5 billion in assets across nine offices in India.

Published on March 18, 2026