How the Muthoot Family Built a $13 Billion Fortune From India's Gold Obsession

Nov 20, 2025 03:11 pm CST

India's Muthoot Finance has leveraged the country's deep cultural connection to gold into a thriving lending empire. As gold prices surge, this family-run business with nearly nine decades of experience offers quick loans against jewelry collateral, dominating India's shadow banking sector with outstanding loans worth 1.25 trillion rupees. Despite growing competition from both local banks and foreign investors, the Muthoot family's straightforward business model continues to flourish, with their collective fortune now exceeding $13 billion.