India's ₹100-Crore Club Booms: Number of Super-Rich Taxpayers Grows Fourfold in 5 Years

India's ultra-high-income population has witnessed remarkable growth, with 576 individuals reporting a gross total income of ₹100 crore or more in their Income Tax Returns (ITRs) for the Assessment Year (AY) 2025-26, according to data presented in Parliament on Monday. The figure marks a fourfold increase compared to 142 such taxpayers in AY 2021-22, reflecting the rapid expansion of the country's highest income bracket over the past five years.

The figures were shared by Minister of State for Finance Pankaj Chaudhary in a written reply in the Lok Sabha while responding to a question on the growing number of billionaires in India. The minister clarified that there is no statutory definition of the term "billionaire" under either the Income-tax Act, 2025 or the earlier Income-tax Act, 1961. Instead, the government relied on income tax data to identify individuals reporting gross annual income of ₹100 crore or more.

The data shows a sharp upward trend despite some fluctuations. After 142 individuals reported incomes exceeding ₹100 crore in AY 2021-22, the number jumped to 301 in AY 2022-23, slipped slightly to 284 in AY 2023-24, rose to 415 in AY 2024-25, and has now reached 576 in AY 2025-26.

Responding to another query on the impact of rising income and wealth concentration, the government said India's labour market has strengthened beyond pre-pandemic levels. Citing the Periodic Labour Force Survey (PLFS), the minister said the unemployment rate for people aged 15 years and above declined from 3.6% in 2022 to 3.1% in 2025, indicating continued improvement in employment conditions.

The government also highlighted measures aimed at reducing income and wealth inequality, including a progressive income tax system and increased public spending on food security, healthcare, education, housing, and social security programmes. According to the minister, these initiatives are intended to support inclusive economic growth while generating broad-based employment opportunities across the country.

As India's economy continues to expand, the latest tax data underscores the growing presence of ultra-high-income individuals while also reigniting discussions on wealth distribution, taxation, and inclusive development.