Early Times Report
Jammu, July 27: The number of ultra-rich individuals reporting an annual gross total income of Rs 100 crore or more has increased more than fourfold over the last five years, according to information tabled in the Lok Sabha by the Union Government, highlighting the rapid growth of India's high-income taxpayers.
Replying to an unstarred question by MP Murari Lal Meena, Minister of State for Finance Pankaj Chaudhary said that while there is no statutory definition of a "billionaire" under the Income-tax Act, the Income Tax Department maintains data on individuals reporting gross total income of ₹100 crore or above in their Income Tax Returns (ITRs).
According to the Ministry, the number of such taxpayers has risen steadily from 142 in the Assessment Year 2021-22 to 576 in Assessment Year 2025-26, marking an increase of over 300 per cent in five years. The figures stood at 301 in 2022-23, dipped marginally to 284 in 2023-24, before rising sharply to 415 in 2024-25 and 576 in 2025-26.
The Government clarified that it does not maintain official data on the aggregate wealth of billionaires or high-net-worth individuals, as the Wealth-tax Act, 1957 was abolished with effect from April 1, 2016.
Responding to concerns over growing wealth concentration and income inequality, the Finance Ministry cited several indicators suggesting improvements in socio-economic conditions.
The Ministry said the Household Consumption Expenditure Survey (HCES) 2023-24 showed a decline in the Gini coefficient, a widely used measure of income inequality, to 0.237 in rural areas and 0.284 in urban areas, compared with 0.266 and 0.314, respectively, in 2022-23.
It also pointed to an improvement in employment indicators, stating that the Periodic Labour Force Survey (PLFS) recorded a decline in the unemployment rate for persons aged 15 years and above from 3.6 per cent in 2022 to 3.1 per cent in 2025, indicating that labour markets have recovered beyond pre-pandemic levels.
On poverty reduction, the Government referred to NITI Aayog estimates, which show that multidimensional poverty has declined significantly in recent years. According to the Ministry, around 24.82 crore people moved out of multidimensional poverty between 2013-14 and 2022-23, while an earlier assessment found that 13.5 crore people escaped poverty between 2015-16 and 2019-21.
The Government said it is addressing income and wealth disparities through a combination of a progressive income-tax structure, higher surcharges on individuals with very high incomes, and increased public spending on food, healthcare, education, housing and social security.
The Finance Ministry also highlighted a range of tax incentives and welfare measures aimed at promoting entrepreneurship, employment generation and inclusive economic growth. These include tax deductions for businesses creating new jobs, incentives for start-ups and cooperatives, infrastructure investment benefits, and flagship schemes such as PM-KISAN, Pradhan Mantri Mudra Yojana, Pradhan Mantri Awas Yojana, Ayushman Bharat, Jal Jeevan Mission, PM Ujjwala Yojana and Pradhan Mantri Jan-Dhan Yojana.
The data presented in Parliament indicates that while the number of India's super-rich taxpayers has risen sharply over the past five years, the Government maintains that key indicators relating to employment, poverty and income inequality have shown improvement during the same period. |
