India has witnessed a sharp rise in the number of ultra-rich taxpayers over the past five years, with individuals reporting an annual income of more than ₹100 crore increasing by nearly 4-fold, according to the latest Finance Ministry data tabled in Parliament. 576 individuals reported gross income above ₹100 crore in Assessment Year 2025-26, up from 142 in Assessment Year 2021-22, representing a 4-fold jump over five years. The surge in ultra-wealthy individuals has been significant, with the government data revealing substantial growth in high-income taxpayers over the five-year period. As per the latest data shared by Union Minister of State for Finance Pankaj Chaudhary in a written reply to the Lok Sabha on 27 July 2026, this represents a 434-filers increase over the five-year period, highlighting the substantial increase in high-income earners in the country. The figures were provided by Chaudhary in response to questions about whether the government had taken note of the growing number of billionaires in the country and India's standing among leading nations in this regard.
Minister of State for Finance Pankaj Chaudhary replied to a question in the Lok Sabha regarding the ultra-rich taxpayer data, as reported by Mint. The minister clarified that there is no statutory definition of the term "billionaire" under either the Income-tax Act, 2025 or the earlier Income-tax Act, 1961. However, data on income tax returns shows a steady rise in the number of individuals declaring a gross total income of ₹100 crore or more over the past five assessment years. The government has indicated it is pursuing measures to reduce inequality despite the rising number of ultra-rich taxpayers, with Chaudhary noting that the government no longer maintains data on the aggregate wealth of taxpayers as the Wealth-tax Act, 1957 was abolished with effect from April 1, 2016. The minister emphasized that persons with very high incomes are required to pay a surcharge over and above the normal Income-tax, ensuring the graded tax slab structure maintains progressive direct taxation in India. Chaudary also replied to a question on whether the government had carried out any study on the impact of increasing concentration of income and wealth on income inequality, investment, employment generation and inclusive economic growth.
According to the latest Finance Ministry data, 576 individuals reported gross income above ₹100 crore in Assessment Year 2025-26, up from 415 in the previous assessment year. This represents a significant increase from the 142 individuals who declared income exceeding ₹100 crore in Assessment Year 2021-22. The data shows the dramatic increase in ultra-wealthy taxpayers during this timeframe, with the number standing at 301 in AY 2022-23, dipping slightly to 284 in AY 2023-24, before rising to 415 in AY 2024-25 and 576 in AY 2025-26. The additions during the year also mark the highest number in at least four years, as reported by The Times of India. While it represents a small fraction of the around 8.1 crore who filed returns in 2024-25, the government is drawing comfort from the rise in number of taxpayers who are disclosing higher income. Given the rising level of exemptions over the years, more than 60% of those who filed returns regularly have not paid any tax.
Addressing concerns about the impact of rising income and wealth concentration on inequality, investment, employment generation and inclusive growth, the government cited several official indicators showing positive trends. According to the latest Household Consumption Expenditure Survey 2023-24, the Gini coefficient for rural areas is 0.237, down from 0.266 in 2022-23, while the urban Gini coefficient has declined to 0.284 from 0.314 over the same period, indicating that the rural-urban gap is narrowing. The Annual Periodic Labour Force Survey shows that labour markets have recovered beyond pre-Covid levels in both urban and rural areas, with the unemployment rate for individuals aged 15 and above decreasing from 3.6% in 2022 to 3.1% in 2025. On multidimensional poverty, the National Multidimensional Poverty Index: A Progress Review 2023 shows that the proportion of the population in multidimensional poverty declined from 24.85% to 14.96% between 2015-16 and 2019-21, with about 13.5 crore people escaping poverty during this period. The minister noted that the government has taken several measures to reduce income and wealth inequality, promote broad-based employment generation and foster inclusive economic growth, which include a progressive Income-tax structure and increased spending on food, health, education, housing and social security.
