The number of individuals in India reporting an annual income of ₹100 crore or more has increased sharply over the past five years, according to information shared by the government in Parliament. Minister of State for Finance Pankaj Chaudhary informed the Lok Sabha that 576 taxpayers reported a gross total income of ₹100 crore or above in Assessment Year (AY) 2025-26, marking a fourfold rise compared to five years earlier.

The data was shared in response to a question on the growing number of high-income individuals in the country and whether India is witnessing a significant rise in ultra-high earners.

Sharp Rise in ₹100-Crore Income Earners

According to the Finance Ministry, the number of taxpayers reporting annual incomes of at least ₹100 crore has grown steadily over the years, despite a temporary dip in one assessment year.

The latest figure of 576 represents more than four times the number recorded in AY 2021-22.

The minister also clarified that neither the Income-tax Act, 1961 nor the newly enacted Income-tax Act, 2025 provides a legal definition of the term "billionaire." The figures are based solely on income disclosed in income tax returns and do not represent an individual's total wealth.

Government Highlights Employment and Poverty Trends

Responding to questions about wealth concentration and income inequality, the Finance Ministry cited several government surveys indicating improvements in employment and poverty levels.

According to the Periodic Labour Force Survey (PLFS):

• The unemployment rate for people aged 15 years and above declined from 3.6% in 2022 to 3.1% in 2025.

• Labour market conditions in both rural and urban India have recovered beyond pre-pandemic levels.

Income Inequality Indicators

The government also referred to the Household Consumption Expenditure Survey 2023-24, stating that the Gini coefficient—a commonly used measure of income inequality—showed improvement.

The reported Gini coefficients were:

• Rural India: 0.237

• Urban India: 0.284

According to the government, these figures indicate a reduction in consumption inequality compared with earlier survey estimates.

Poverty Levels Continue to Decline

The Finance Ministry cited findings from NITI Aayog showing a decline in multidimensional poverty.

According to the data:

• The share of people living in multidimensional poverty fell from 24.85% to 14.96% between 2015-16 and 2019-21, with an estimated 13.5 crore people moving out of poverty.

• A later NITI Aayog discussion paper projected multidimensional poverty to decline from 29.17% in 2013-14 to 11.28% in 2022-23, suggesting that approximately 24.82 crore people exited multidimensional poverty during that period.

Measures to Address Inequality

The government said it has implemented several initiatives aimed at promoting inclusive economic growth and reducing income inequality. These include:

• A progressive income tax structure

• Higher spending on healthcare, education, food security, housing, and social welfare

• Employment generation initiatives

• Social security programs

The minister also noted that India abolished the Wealth Tax Act in 2016, meaning the government does not maintain data on taxpayers' total wealth. However, individuals with very high taxable incomes continue to pay additional surcharges over and above the applicable income tax rates.

The Bottom Line

The latest tax return data points to a significant increase in the number of Indians earning more than ₹100 crore annually. At the same time, the government says employment has improved, poverty has declined, and several policy measures remain in place to support inclusive economic growth while taxing higher-income individuals through surcharge provisions.