Indians with ₹100cr+ income touches 5-year high, says Finance Ministry
What's the story
The number of individuals declaring a gross total income (GTI) of ₹100 crore or more has hit a five-year high in India. According to data shared by the Finance Ministry in Parliament, the figure stood at 576 for Assessment Year (AY) 2025-26. The information was provided in response to a question regarding India's growing billionaire population.
Terminology clarification
No statutory definition of 'billionaire'
The Finance Ministry also clarified that there is no statutory definition of "billionaire" under the Income-tax Act, 2025, or the earlier version from 1961. This means that while many Indians report high incomes, there's no formal classification for billionaires in terms of tax laws.
Data analysis
Trends over the last 5 assessment years
The data provided by the Finance Ministry shows an overall increase in the number of taxpayers reporting a GTI of ₹100 crore or more over the last five assessment years.
The current figure of 576 for AY2025-26 is the highest recorded during this period.
However, it's worth noting that there was a slight decline in AY2023-24 before numbers increased again in subsequent years.
Distinction
Not all high-income individuals are billionaires
The data shared by the Finance Ministry pertains to individuals who reported a GTI of ₹100 crore or more in their income tax returns.
It shouldn't be seen as an indicator of India's billionaire population, as billionaire status is usually determined by net worth.
The parliamentary reply specifically refers to annual reported income, not total wealth accumulated over time.