New Delhi (Gurpreet Singh): The Parliament was informed on Monday that up to 576 individuals reported a gross total income of ₹100 crore or more in their income tax returns for the 2025-26 assessment year. This figure reflects a four-fold increase over the past five years, up from 142 individuals recorded in AY 2021-22.
The details were provided in the Lok Sabha by Minister of State for Finance Pankaj Chaudhary in response to queries regarding the rising number of high-net-worth individuals in the country. In a written response, Chaudhary clarified that neither the Income-tax Act of 2025 nor the erstwhile Income-tax Act of 1961 provides a formal statutory definition for the term ‘billionaire’.
According to government data tracking taxpayers declaring an annual gross total income of ₹100 crore or more, the numbers stood at 301 in AY 2022-23, adjusted slightly to 284 in AY 2023-24, and rose to 415 in AY 2024-25 before reaching the current high of 576. Since the abolition of the Wealth-tax Act in 2016, the government does not maintain records of aggregate net worth, relying instead on annual income tax returns.
Responding to inquiries regarding the impact of income concentration on economic indicators, Chaudhary cited official data showing broad recovery in the labor market. Drawing from the Annual Periodic Labour Force Survey, he noted that the national unemployment rate for individuals aged 15 and above declined from 3.6 per cent in 2022 to 3.1 per cent in 2025. He emphasized that the government continues to address income inequality through a progressive tax structure alongside targeted expenditure in social security, healthcare, education, food, and housing.
