A momentous shift is underway in global markets as investors pull billions of dollars from China’s sputtering economy, two decades after betting on the country as the world’s biggest growth story.

Much of that cash is now heading for India, with Wall Street giants like Goldman Sachs and Morgan Stanley endorsing the South Asian nation as the prime investment destination for the next decade.

That momentum is triggering a gold rush. The $62 billion hedge fund Marshall Wace has positioned India as its biggest net long bet after the U.S. in its flagship hedge fund. An arm of Zurich-based Vontobel has made the country its top emerging-market holding and Janus Henderson Group is exploring fund-house acquisitions. Even Japan’s traditionally conservative retail investors are embracing India and paring exposure to China.