India's Super-Rich Club Swells As Rs 100 Crore Earners Surge 300% In Five Years

Published 27 July 2026 · india

India's Super-Rich Club Swells As Rs 100 Crore Earners Surge 300% In Five Years Published By, Last Updated: July 27, 2026, 17:10 IST The government

India's Super-Rich Club Swells As Rs 100 Crore Earners Surge 300% In Five Years Published By, Last Updated: July 27, 2026, 17:10 IST The government clarified that there is no statutory definition of the term "billionaire" under the Income-Tax Act, 2025. Rapid Read The minister clarified that the government does not maintain data on the number of "billionaires", as there is no statutory definition of the term under the Income-tax Act, 2025. India’s ultra rich club is expanding as number of individuals in India reporting an annual income of more than Rs 100 crore has risen sharply over the past five years, with 576 taxpayers declaring such income in Assessment Year (AY) 2025-26. Replying to a question in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary mentioned that the number of taxpayers reporting income above Rs 100 crore increased from 142 in AY 2021-22 to 301 in AY 2022-23, dipped slightly to 284 in AY 2023-24, rose to 415 in AY 2024-25, and reached 576 in AY 2025-26.

The government clarified that there is no statutory definition of the term “billionaire" under the Income-Tax Act, 2025, and therefore shared data for taxpayers reporting annual incomes above Rs 100 crore based on Income Tax Return filings, as per reports. Responding to concerns over widening income inequality, the Finance Ministry cited multiple indicators suggesting improvements in income distribution and employment. Citing the latest Household Consumption Expenditure Survey 2023-24, the Ministry pointed out that the Gini coefficient–a key metric measuring inequality–dropped to 0.237 in rural areas and 0.284 in urban regions, down from 0.266 and 0.314 in 2022-23, signaling a narrowing rural-urban divide. “As per the latest Household Consumption Expenditure Survey 2023-24, the Gini coefficient for rural and urban areas is 0.237 and 0.284, respectively, down from 0.266 and 0.314 in 2022-23.

This shows that the rural-urban gap is narrowing," it said. Labour market indicators also reflected sustained recovery. Data from the Annual Periodic Labour Force Survey (PLFS) indicated that overall unemployment among individuals aged 15 and above declined from 3.6% in 2022 to 3.1% in 2025. The government said it is addressing income inequality through a combination of progressive taxation, employment generation, infrastructure investment, and increased spending on health, education, housing and rural development. It also pointed to tax incentives for employment generation, support for startups, and welfare schemes aimed at promoting inclusive economic growth while improving living standards. News18 Newsletter Handpicked stories, in your inbox A newsletter with the best of our journalism submit About the Author Shobhit Gupta Shobhit Gupta is a sub-editor at News18.com and covers India and International news.