The Parliament was informed on Monday that up to 576 persons reported gross total income of Rs 100 crore or more in their income tax returns for the 2025-26 assessment year, representing a four-fold increase over the previous five years.
In response to a question on whether the government is aware that the number of billionaires in the country has significantly increased and that it is among the top countries in the world in this regard, Minister of State for Finance Pankaj Chaudhary made this statement in the Lok Sabha.
In a written response, Chaudhary stated that neither the Income-tax Act of 2025 nor the previous Income-tax Act of 1961 had a formal meaning for the term ‘billionaire’.
However, 576 persons recorded gross total income of at least Rs 100 crore in their ITRs for the assessment year 2025-26. This represents a substantial four-fold increase from the 142 recorded in AY 2021-22.
In assessment year 2022-23, there were 301 persons with gross total income of Rs 100 crore or more; in 2024, that number fell to 284; in 2025, it increased to 415.
In response to another query about whether the government has carried out any research on how the growing concentration of wealth and income affects investment, employment creation, income inequality, and inclusive economic growth, Chaudhary stated that the Annual Periodic Labour Force Survey (PLFS) report demonstrated that labour markets in both urban and rural areas have recovered beyond pre-Covid levels.
Between 2022 and 2025, the unemployment rate for people over the age of 15 dropped from 3.6 per cent to 3.1 per cent, he stated.
“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,” Chaudhary added.
