Number of people reporting Rs 100 crore-plus income rises four-fold in five years: Govt
New Delhi, July 27
The number of individuals reporting a Gross Total Income of Rs 100 crore or more in their Income Tax Returns has increased more than four-fold over the past five assessment years, the government informed Parliament on Monday.
Answering a question in Parliament, Minister of State for Finance Pankaj Chaudhary said 576 individuals reported a gross total income of Rs 100 crore or more in Assessment Year (AY) 2025-26, compared with 142 individuals in AY 2021-22.
The number stood at 301 in AY 2022-23, 284 in AY 2023-24 and 415 in AY 2024-25 before rising to 576 in AY 2025-26.
The minister clarified that there is no statutory definition of the term "billionaire" under the Income-tax Act, 2025 or the erstwhile Income-tax Act, 1961. He added that the government tracks individuals reporting gross total income of Rs 100 crore or more through income tax returns.
He stated, "There is no statutory definition of the term 'billionaire' either under the Income-tax Act, 2025 or under the erstwhile Income-tax Act, 1961".
On whether the government maintains data on the aggregate wealth of billionaires, the minister said the Wealth-tax Act, 1957 was abolished with effect from April 1, 2016, and the government does not maintain data on the aggregate wealth of taxpayers.
The government also said that several indicators point towards improving economic inclusion. According to the latest Household Consumption Expenditure Survey 2023-24, the Gini coefficient declined to 0.237 in rural areas from 0.266 in 2022-23 and to 0.284 in urban areas from 0.314, indicating a narrowing rural-urban gap.
The Gini coefficient is a statistical measure of economic inequality that ranges from 0 to 1, evaluating income or wealth distribution. A value of 0 indicates perfect equality, while 1 indicates complete inequality.
Further, the government said the unemployment rate for individuals aged 15 years and above declined from 3.6 per cent in 2022 to 3.1 per cent in 2025, while multidimensional poverty has also fallen significantly over the past decade, according to NITI Aayog.
The minister said the government continues to promote inclusive economic growth through a progressive income tax structure, employment-linked tax incentives, support for start-ups and cooperatives, and welfare programmes covering housing, healthcare, financial inclusion, skill development and rural livelihoods.
— ANI
Reader Comments
That's impressive growth! 142 to 576 in just 5 years means the Indian economy is really booming. My own business has been growing steadily too. But what about the middle class? We keep hearing about billionaires but the salaried person paying 30% tax feels left out. At least the government should increase the basic exemption limit. 😊
The Gini coefficient falling is a positive sign for sure, but let's be honest - 0.237 in rural areas still means significant inequality. And the fact that they abolished wealth tax in 2016 means we have no idea about the actual wealth these people hold. Just income tax returns don't give the full picture. We need wealth tax back on ultra-high net worth individuals.
Impressive numbers from India! In the US we've seen similar trends of income concentration at the top. But I'm curious how much of this is due to better tax compliance vs actual wealth creation. The unemployment rate drop to 3.1% is remarkable though. India seems to be handling the post-covid recovery well.
While the rich are getting richer, the common person is still struggling with inflation. The government says unemployment is down, but ask any graduate in my city if they have a job matching their qualifications. These statistics don't capture the reality on ground. Also, the Gini coefficient improvement is mostly because rural consumption increased slightly, not because urban inequality reduced meaningfully.
The fact that 576 people earn over Rs 100 crore is mind-boggling! That's more than Rs 2.7
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