India's ₹100 Crore Income Club Grows to 576 Taxpayers

The number of individuals reporting annual incomes of ₹100 crore or more has risen to 576 in Assessment Year (AY) 2025-26, according to data shared by the Finance Ministry in Parliament. This marks a significant increase from 415 taxpayers in AY 2024-25.

Over the past five years, the number of such high-income earners has more than tripled, rising over 300% from 142 taxpayers in AY 2021-22. The data was provided by Minister of State for Finance Pankaj Chaudhary in a written reply in the Lok Sabha.

The figures showed that the number of taxpayers in this category increased steadily, rising from 142 in AY 2021-22 to 301 in AY 2022-23. It declined slightly to 284 in AY 2023-24 before rebounding to 415 in AY 2024-25 and further climbing to 576 in AY 2025-26.

The government clarified that it does not maintain official data on the number of billionaires in the country. Since there is no statutory definition of a billionaire under the Income-tax Act, the number of taxpayers reporting annual income of ₹100 crore or more was used as an indicator of the country’s highest-income segment.

The Finance Ministry also stated that it does not track the total wealth held by India’s billionaires. The government stopped maintaining wealth-tax data after the Wealth-tax Act, 1957 was abolished from April 1, 2016.

Responding to concerns over economic inequality, the ministry cited various surveys showing improvements in income and consumption indicators. According to the Household Consumption Expenditure Survey 2023-24, the rural Gini coefficient declined from 0.266 to 0.237, while the urban Gini coefficient fell from 0.314 to 0.284, indicating reduced consumption inequality.

The government also highlighted labour market improvements, stating that unemployment among people aged 15 years and above declined from 3.6% in 2022 to 3.1% in 2025. It cited NITI Aayog estimates that around 24.82 crore people moved out of multidimensional poverty between 2013-14 and 2022-23.

To address economic disparity, the Finance Ministry pointed to progressive taxation, additional surcharges on high-income individuals, and welfare initiatives including PM Awas Yojana, PM Jan Dhan Yojana, PM-KISAN, Ayushman Bharat and Jal Jeevan Mission.

While the rise in ₹100 crore-plus income earners highlights the growth of India’s wealthy class, the absence of official wealth data means the overall concentration of wealth remains difficult to measure. The growth of the ultra-high-income taxpayer base is a significant indicator of the country's economic growth, but it also raises concerns about economic inequality and the need for effective policies to address it.

In conclusion, the expansion of India's ₹100 crore income club is a notable development, reflecting the country's economic growth and the increasing number of high-income earners. However, it also underscores the need for continued efforts to address economic disparity and ensure that the benefits of growth are shared by all segments of society.