GCC-based non-resident Indians (NRIs) are reducing investments in Indian real estate and increasing allocations to equities and financial assets, according to a survey by Equirus Wealth. The shift comes as investors respond to geopolitical uncertainty with more disciplined and structured investment strategies instead of pulling money out of markets.
The report, titled Indian Equity at the Core, Eyes Everywhere: The New Investment Behaviour of GCC NRIs, surveyed Equirus Wealth’s GCC NRI customer base of 8,300 across the UAE, Saudi Arabia, Qatar, Kuwait, Oman and Bahrain in April 2026.
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Indian equities recorded the strongest positive portfolio direction among all asset classes in the survey. Fixed deposits and debt products also saw fresh allocations from 43% of respondents, while 28% increased investments in gold. At the same time, real estate recorded the strongest negative portfolio direction among surveyed investors.
The report said the ongoing transition indicates that capital is increasingly moving toward organised and structured financial products instead of traditional property holdings.
"What we are witnessing is not a short-term reaction to global uncertainty, but a structural evolution in how GCC NRIs approach wealth creation. Investors are becoming more disciplined in behaviour, yet more decisive in allocation — with India firmly at the centre of that strategy. The shift away from real estate towards financial assets, particularly Indian equities, marks a defining transition. At the same time, remittances are no longer driven by obligation — they are increasingly being deployed with clear investment intent and long-term planning," Ankur Punj, Managing Director & Business Head – Equirus Wealth, said.
Regional geopolitical instability emerged as the biggest risk factor, cited by 41% of respondents. Inflation and cost of living concerns followed at 23%, while 13% identified global market volatility as their primary concern. Job and visa security ranked lower at 12%, indicating continued confidence in personal income stability among GCC-based NRIs.
Despite concerns around global developments, the report said investors were becoming “more defensive in behaviour — but more decisive in where they allocate capital.”
Around 22% said they had increased allocation to India despite uncertainty, which the report described as a “contrarian conviction signal”. Only 27% reported making no changes to their investment approach.
The survey noted that GCC NRIs were preserving liquidity and postponing large spending decisions, but were not engaging in panic selling or withdrawing from long-term investments.
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About 53% of respondents said their financial confidence had remained stable over the past year, while 33% reported improvement. Only 14% said their confidence had declined.
The report said this stability reflects the long-term earning visibility of the GCC NRI community rather than short-term market sentiment. It added that most respondents are long-tenure investors making deliberate allocation decisions instead of reacting to temporary market movements.
Equirus Wealth said the findings show that remittances are increasingly becoming capital allocation decisions rather than obligation-led transfers.
When respondents were asked where they would deploy fresh capital, Indian equities emerged as the preferred destination for 42%, more than all other asset classes combined. Fixed income products attracted 23% of respondents, while gold received 15%.
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Only 15% said they were waiting for greater clarity before investing, while 10% said they were focused mainly on capital preservation.
Equirus Wealth said the findings indicate that India has consolidated its position as the primary wealth creation geography for GCC NRIs. The report added that investor behaviour is becoming more disciplined, with increasing focus on structured portfolios, global diversification and long-term wealth planning.
The report, titled Indian Equity at the Core, Eyes Everywhere: The New Investment Behaviour of GCC NRIs, surveyed Equirus Wealth’s GCC NRI customer base of 8,300 across the UAE, Saudi Arabia, Qatar, Kuwait, Oman and Bahrain in April 2026.
Also Read| NRI investors shift second-home bets to domestic hotspots amid global uncertainty
Indian equities emerge as preferred asset class
The survey showed that 73% of respondents are increasing exposure to Indian equities and mutual funds, while 40% are reducing exposure to Indian real estate. The report described this as “the defining trade” among GCC NRIs and said the trend reflects a structural migration from physical assets to financial portfolios rather than cyclical rebalancing.(Join our ETNRI WhatsApp channel for all the latest updates)
Indian equities recorded the strongest positive portfolio direction among all asset classes in the survey. Fixed deposits and debt products also saw fresh allocations from 43% of respondents, while 28% increased investments in gold. At the same time, real estate recorded the strongest negative portfolio direction among surveyed investors.
| Asset Class | % Increasing Exposure | % Reducing Exposure | Net Direction |
| Indian equities / MFs | 73% | 18% | Strong accumulation |
| Fixed deposits / debt | 43% | 28% | Moderate inflow |
| Gold | 28% | 12% | Moderate hedge inflow |
| Cash / liquid funds | 16% | 20% | Balanced / optionality hold |
| International equities | 15% | 18% | Neutral / selective |
| Real estate in India | 13% | 40% | Clear structural exit |
The report said the ongoing transition indicates that capital is increasingly moving toward organised and structured financial products instead of traditional property holdings.
"What we are witnessing is not a short-term reaction to global uncertainty, but a structural evolution in how GCC NRIs approach wealth creation. Investors are becoming more disciplined in behaviour, yet more decisive in allocation — with India firmly at the centre of that strategy. The shift away from real estate towards financial assets, particularly Indian equities, marks a defining transition. At the same time, remittances are no longer driven by obligation — they are increasingly being deployed with clear investment intent and long-term planning," Ankur Punj, Managing Director & Business Head – Equirus Wealth, said.
Geopolitical tensions influence investors, but panic absent
The report found that 83% of respondents said geopolitical developments were influencing their financial decisions. However, most investors were taking measured actions instead of reacting sharply to uncertainty.Regional geopolitical instability emerged as the biggest risk factor, cited by 41% of respondents. Inflation and cost of living concerns followed at 23%, while 13% identified global market volatility as their primary concern. Job and visa security ranked lower at 12%, indicating continued confidence in personal income stability among GCC-based NRIs.
Despite concerns around global developments, the report said investors were becoming “more defensive in behaviour — but more decisive in where they allocate capital.”
| Biggest Risk Perceived | % Respondents |
| Geopolitical instability | 41% |
| Inflation / cost of living | 23% |
| Global market volatility | 13% |
| Job / visa security | 12% |
| Health / family | 5% |
| Currency movement | 4% |
Savings rise as investors turn cautious
Increased savings emerged as the most common behavioural response to market and geopolitical developments, cited by 35% of respondents. Another 26% said they had reduced discretionary spending, while an equal proportion shifted to safer assets.Around 22% said they had increased allocation to India despite uncertainty, which the report described as a “contrarian conviction signal”. Only 27% reported making no changes to their investment approach.
The survey noted that GCC NRIs were preserving liquidity and postponing large spending decisions, but were not engaging in panic selling or withdrawing from long-term investments.
Also Read| India’s $138 billion money bank outside the border is getting harder to shake
Financial confidence remains stable
According to the survey, financial confidence among GCC NRIs remained stable despite geopolitical tensions and global market volatility. The average confidence score stood at 3.5 out of 5.About 53% of respondents said their financial confidence had remained stable over the past year, while 33% reported improvement. Only 14% said their confidence had declined.
The report said this stability reflects the long-term earning visibility of the GCC NRI community rather than short-term market sentiment. It added that most respondents are long-tenure investors making deliberate allocation decisions instead of reacting to temporary market movements.
Investment and retirement dominate remittance flows
The survey also found a change in the purpose of remittances being sent to India. Investment in India accounted for 27% of remittance intent, while retirement planning made up 22%. Family support and household expenses stood at 26%.Equirus Wealth said the findings show that remittances are increasingly becoming capital allocation decisions rather than obligation-led transfers.
When respondents were asked where they would deploy fresh capital, Indian equities emerged as the preferred destination for 42%, more than all other asset classes combined. Fixed income products attracted 23% of respondents, while gold received 15%.
Also Read| Iran war: Indian alternative investment firms in Gulf stare at sea of uncertainty
GCC NRIs continue active investing
The report found that 75% of GCC NRIs continue to actively invest or selectively deploy capital despite uncertainty. Around 41% identified themselves as active long-term growth investors, while 34% described themselves as balanced and selective investors.Only 15% said they were waiting for greater clarity before investing, while 10% said they were focused mainly on capital preservation.
Equirus Wealth said the findings indicate that India has consolidated its position as the primary wealth creation geography for GCC NRIs. The report added that investor behaviour is becoming more disciplined, with increasing focus on structured portfolios, global diversification and long-term wealth planning.
