Billionaire Family Turns India’s Gold Obsession Into a Fortune

Source: Bloomberg | Dec. 4, 2025-- Gold is having a moment in the sun and the billionaire Muthoot clan of India is reaping the benefits.

Their family-run firm that’s doled out gold loans for almost nine decades is on a roll as consumers take advantage of surging bullion prices to swap jewelry for short-term cash. The boom has pushed the company’s stock to a record, boosting the Muthoots’ combined fortune above $13 billion, according to the Bloomberg Billionaires Index.

“The market is exploding,” said George Alexander Muthoot, 70, the managing director of his eponymous firm and third-generation executive of the business. “Even for rich people, it’s fashionable today to take gold loans.”

Muthoot Finance Ltd.’s rise speaks to the growing clout of India’s shadow banking sector, which is helping fuel the country’s economic growth. Gold lending across all firms surged 35% in the 12 months ended in June to 13.4 trillion rupees ($151 billion), by far the fastest growth among consumer loans, according to CRIF High Mark Credit Information Services Pvt.

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Source: https://www.bloomberg.com/news/articles/2025-11-19/billionaire-family-turns-india-s-gold-obsession-into-a-fortune