India witnessed a four-fold increase in the number of individuals with a gross total income of Rs 100 crore or more in assessment year 2025-2026, the Parliament was informed during the ongoing monsoon session. According to Minister of State for Finance, Pankaj Chaudhary, in a written reply in the Parliament, India saw that the number of individuals earning Rs 100 or more rose to 576 in 2025-26, while this number was 142 in 2021-2022.The response from the government came when asked whether it was aware of a significant increase in the number of billionaires in the country and that it is among the leading nations in the world. The number 576 surfaced as these individuals reported their gross income of Rs 100 crore or more in income tax filing.
Govt on Income Concentration Gap
The government was also asked whether it conducted any study regarding the impact of the increasing concentration of income and wealth on income inequality, investment, employment generation, and inclusive economic growth.Responding to this, Pankaj Chaudhary said the Annual Periodic Labour Force Survey (PLFS) report showed that labour markets have recovered beyond pre-COVID levels in both urban and rural areas.
Unemployment Rate Drops
The government also apprised the Parliament that the unemployment rate for individuals aged 15 and above has decreased from 3.6 per cent in 2022 to 3.1 per cent in 2025."The government has taken several measures to reduce income and wealth inequality, promote broad-based employment generation, and foster inclusive economic growth, which include a progressive income-tax structure and increased spending on food, health, education, housing, and social security," the minister said.
No Statutory Definition of Term 'Billionaire', Says Union Minister
Pankaj Chaudhary also said that there is no statutory definition of the term 'billionaire' either under the Income-tax Act, 2025, or under the erstwhile Income-tax Act, 1961.Further comparing how billionaires’ strength has remained in the country, Chaudhary said the number of individuals having reported gross total income of Rs 100 crore or more in the Income-tax Returns (ITRs) filed in Assessment Year (AY) 2025-26 stood at 576. This is a sharp 4-fold spike from 142 reported in AY 2021-22.While the number of individuals with gross total income of Rs 100 crore and above was 301 in AY 2022-23, dipping to 284 in AY'24, before rising to 415 in AY'25.
With inputs from PTI
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