In the Lok Sabha, Minister of State in the Ministry of Finance, Shri Pankaj Chaudhary, answered Unstarred Question No. 1274 on Monday, July 27, 2026/Shravana 5, 1948 (Saka), regarding the Increasing Number of Billionaires.
The Minister informed the House that there is no statutory definition of the term “billionaire” under either the Income-tax Act, 2025 or the erstwhile Income-tax Act, 1961. However, the Government has compiled data on individuals who reported a Gross Total Income of ₹100 crore or more in their Income-tax Returns during the last five assessment years.
The number of individuals reporting Gross Total Income of ₹100 crore or more stood at 142 in Assessment Year 2021-22, 301 in 2022-23, 284 in 2023-24, 415 in 2024-25, and 576 in 2025-26.
| Assessment Year | Individuals reporting Gross Total Income of ₹100 crore or more |
| 2021-22 | 142 |
| 2022-23 | 301 |
| 2023-24 | 284 |
| 2024-25 | 415 |
| 2025-26 | 576 |
On the question of aggregate wealth, the Minister stated that the Wealth-tax Act, 1957 was abolished with effect from April 1, 2016. Consequently, the Government does not maintain data on the aggregate wealth of taxpayers.
Referring to trends in income inequality, the Minister said that the latest Household Consumption Expenditure Survey 2023-24 showed a decline in the Gini coefficient for both rural and urban areas. The rural Gini coefficient declined from 0.266 in 2022-23 to 0.237 in 2023-24, while the urban Gini coefficient declined from 0.314 to 0.284 during the same period. The decline indicates a narrowing of inequality in both rural and urban areas.
The Annual Periodic Labour Force Survey also showed that labour markets had recovered beyond pre-COVID levels in both rural and urban areas. The unemployment rate among persons aged 15 years and above declined from 3.6 per cent in 2022 to 3.1 per cent in 2025.
The Minister further informed the House that, according to the National Multidimensional Poverty Index: A Progress Review 2023 released by NITI Aayog, the proportion of the population living in multidimensional poverty declined from 24.85 per cent in 2015-16 to 14.96 per cent in 2019-21. Around 13.5 crore people are estimated to have escaped multidimensional poverty during this period.
A NITI Aayog discussion paper on multidimensional poverty in India since 2005-06 estimated that multidimensional poverty declined from 29.17 per cent in 2013-14 to 11.28 per cent in 2022-23. The decline indicates that approximately 24.82 crore people escaped multidimensional poverty during this period.
The Minister stated that the Government has adopted several measures to reduce income and wealth inequality, promote broad-based employment generation and foster inclusive economic growth. These measures include a progressive income-tax structure and increased public expenditure on food, health, education, housing and social security.
Under the progressive income-tax system, graded tax slabs ensure that persons with higher incomes bear a higher tax burden. Persons with very high incomes are also required to pay a surcharge over and above the normal income-tax liability.
To promote employment generation, Section 146 of the Income-tax Act, 2025, corresponding to Section 80JJAA of the erstwhile Income-tax Act, 1961, provides eligible businesses a deduction equal to 30 per cent of the additional employee cost incurred for eligible new employees. The deduction is available for three years, subject to prescribed conditions.
The Government has also introduced tax measures to support cooperative societies. These include deductions for eligible primary cooperative societies engaged in supplying agricultural and allied products, including milk, oilseeds, fruits and vegetables. Through the Finance Act, 2026, the benefit was extended to eligible primary cooperatives supplying cattle feed and cotton seed to specified cooperative or government organisations.
The Finance Act, 2026 also allows inter-cooperative society dividend income as a deduction under the new tax regime to the extent that such income is further distributed to members. In addition, a notified national federal cooperative is eligible for exemption on specified dividend income received from a company for a period of three years.
For start-ups, Section 140 of the Income-tax Act, 2025, corresponding to Section 80-IAC of the erstwhile Income-tax Act, 1961, provides a profit-linked deduction to eligible start-ups for the prescribed period, subject to the conditions laid down under the Act.
To encourage investment in infrastructure, the Government has provided tax exemptions for specified income of Sovereign Wealth Funds and Pension Funds arising from investments in infrastructure in India. The exemption covers eligible long-term capital gains, dividend income and interest income.
The Government is also implementing a range of targeted programmes aimed at improving livelihoods, expanding social security, generating employment and strengthening access to basic amenities. These include the Pradhan Mantri Awas Yojana, rural employment and livelihood programmes, the Deendayal Antyodaya Yojana–National Rural Livelihoods Mission, the National Social Assistance Programme, the Pradhan Mantri Jan-Dhan Yojana, the Deen Dayal Upadhyaya Grameen Kaushalya Yojana, the Pradhan Mantri Mudra Yojana, Stand Up India, PM-KISAN and the Aspirational Districts Programme.
Programmes such as the Jal Jeevan Mission, Swachh Bharat Abhiyan, PM Ujjwala Yojana, PM Saubhagya Yojana and Ayushman Bharat are also being implemented to improve the quality of life through wider access to essential services and basic amenities.
The Answer can be accessed at: https://a2ztaxcorp.net/wp-content/uploads/2026/07/LS-Increasing-Number-of-Billionaires-27.09.2026.pdf
