New Delhi: The number of individuals in India declaring an annual income of more than Rs 100 crore has surged nearly four times over the last five years. The Union Finance Ministry shared this crucial data in the Lok Sabha, bringing the ongoing debate over wealth concentration and economic disparity back into the spotlight.
Responding to queries raised by the Opposition regarding wealth accumulation and its impact on inclusive growth, the government clarified its position. The Finance Ministry stated that the Income Tax Act does not have a legal definition for the term billionaire. Since the Wealth Tax was abolished on April 1 2016, the government no longer maintains official records of the total wealth or assets held by taxpayers. The available figures are strictly based on the gross total income declared in annual tax returns.
The official statistics show a steep upward trend in the number of ultra wealthy taxpayers. For the assessment year 2021 to 2022, only 142 individuals declared an income exceeding Rs 100 crore. This figure jumped to 301 in the following year and settled at 284 for 2023 to 2024. The upward trajectory resumed sharply with 415 individuals in 2024 to 2025. In the latest assessment year of 2025 to 2026, the number reached a record 576.
While the government does not officially track overall billionaire wealth, international rankings paint a clear picture of the global standing. According to the Forbes World Billionaires 2025 report, India retains its position as the country with the third highest number of billionaires globally. With 205 billionaires, India trails only behind the United States and China. The combined wealth of Indian billionaires is currently estimated at 941 billion dollars. This represents a slight dip from the previous year, primarily attributed to fluctuations in the net worth of top industrialists Mukesh Ambani and Gautam Adani.
To counter concerns about rising inequality, the government presented strong economic indicators in the parliament. The ministry noted that the Gini coefficient, a prominent measure of income inequality, has witnessed a decline. For the period of 2023 to 2024, the rural Gini coefficient stood at 0.237 while the urban figure was 0.284, indicating a shrinking gap. Officials also highlighted massive strides in poverty alleviation. Data indicates that over 24.82 crore citizens escaped multidimensional poverty between 2013 and 2023, bringing the poverty rate down from 29.17 percent to just 11.28 percent. Meanwhile, the unemployment rate for individuals aged above 15 dropped from 3.6 percent in 2022 to 3.1 percent in 2025.
The latest disclosures highlight a dual economic narrative in the country. On one hand, the ranks of the ultra rich are expanding at an unprecedented pace. On the other, official metrics point toward shrinking rural and urban divides, suggesting that basic poverty reduction programs are actively delivering ground level progress.