New Delhi, Aug 17: The number of individuals reporting a gross total income of Rs 100 crore or more rose sharply by nearly 39 per cent to 576 in Assessment Year (AY) 2025-26, up from 415 in the previous assessment year, according to data shared by the Finance Ministry in Parliament.
Minister of State for Finance Pankaj Chaudhary provided the figures in a written reply in the Lok Sabha. The data shows that 161 additional individuals entered the Rs 100-crore-plus income bracket in AY 2025-26.
The number of individuals reporting gross total income of Rs 100 crore or more has increased substantially over the past five assessment years. It stood at 142 in AY 2021-22, rose to 301 in AY 2022-23, and then declined marginally to 284 in AY 2023-24. The figure subsequently increased to 415 in AY 2024-25 before reaching 576 in AY 2025-26.
The latest figure represents a more than four-fold increase over five years, indicating a significant expansion in the number of individuals reporting ultra-high incomes through income-tax returns.
The government, however, clarified that there is no statutory definition of the term “billionaire” under either the Income-tax Act, 2025, or the erstwhile Income-tax Act, 1961. Therefore, the data on individuals reporting gross total income of Rs 100 crore or more should not be treated as an official count of billionaires.
The government also said it no longer maintains aggregate wealth data of taxpayers following the abolition of the Wealth-tax Act, 1957, with effect from April 1, 2016.
The rise in the number of high-income taxpayers comes amid broader changes in India’s tax base and formalisation of economic activity. The government has said that measures including a progressive income-tax structure and increased expenditure on food, healthcare, education, housing and social security are aimed at promoting inclusive economic growth.
The data also highlights the growing concentration of reported income at the top end of the taxpayer base, while providing an indication of the expansion of India’s ultra-high-income segment.