Investing Only in Gold and Silver Is Not the Best Way to Build Wealth, Says Mukesh Ambani

New Delhi — Reliance Industries Chairman Mukesh Ambani has cautioned Indian savers against relying solely on gold and silver for wealth creation, arguing that precious metals, while safe, are not the most effective route to long-term economic growth in a fast-expanding economy like India.

Speaking at a recent JioBlackRock event, Ambani highlighted the scale of India’s precious metals imports. He noted that the country imported nearly $60 billion worth of gold and $10–15 billion worth of silver last year. Much of that capital, he said, is parked in assets that serve primarily as savings instruments rather than productive investments.

“Gold and silver provide security in difficult times,” Ambani suggested, “but they do not directly contribute to economic expansion in the way productive investments do.”

Push toward capital markets

Ambani encouraged Indian households to channel more savings into capital markets. According to him, directing money into equities allows savings to grow alongside businesses and the broader economy.

“If we can persuade Indian savers to invest in capital markets, that money will compound over time,” he said, emphasizing that investments should actively participate in economic growth rather than remain idle.

His remarks come at a time when gold and silver prices have surged sharply, reviving traditional investor preference for precious metals, especially during periods of uncertainty. However, Ambani argued that while metals preserve value, they do not generate new value in the same way as investments in companies, infrastructure and innovation.

Why equities matter

Ambani explained that stock market investments finance corporate expansion, infrastructure development and technological progress. As companies grow and generate profits, investors benefit from sustained long-term returns.

He described India’s capital markets as a major opportunity for wealth creation, particularly as the country enters what he called a multi-decade growth phase.

Role of JioBlackRock

Ambani also spoke about the financial services opportunity through JioBlackRock, a joint venture between Reliance and global asset management giant BlackRock. He said the goal is not to disrupt the system overnight, but to make investing simpler, safer and more accessible for millions of Indians.

The venture aims to tap into the vast, underutilized potential of India’s investment market by offering modern, technology-driven financial products.

Outlook on India’s economy

Discussing the broader economy in a conversation with BlackRock Chairman and CEO Larry Fink, Ambani said India continues to attract global attention due to strong macroeconomic performance, policy continuity and stable leadership.

He described India as the world’s fastest-growing major economy and expressed confidence that 8–10% growth rates are achievable and sustainable over the long term, comparing the country to a fruit-bearing tree that naturally draws attention from around the world.