At least 567 Indians reported a gross total income of ₹100 crore or more in Assessment Year (AY) 2025-26 as compared with 142 individuals in AY 2021-22.
Answering a question in Parliament on Monday, Minister of State for Finance Pankaj Chaudhary noted that the number of individuals reporting a Gross Total Income (GTI) of ₹100 crore or more in their Income Tax Returns (ITRs) has increased more than four-fold over the past five assessment years, news agency ANI reported.
In AY 2022-23, this number stood at 301 and in AY 2023-24 it was at 284, and 415 in AY 2024-25 before rising to 576 in AY 2025-26.
Clarifying that there is no statutory definition of the term "billionaire" under the Income-tax Act, 2025 or the erstwhile Income-tax Act, 1961, the minister added that the government tracks individuals reporting gross total income of ₹100 crore or more through income tax returns.
“There is no statutory definition of the term 'billionaire' either under the Income-tax Act, 2025 or under the erstwhile Income-tax Act, 1961,” he said.
He added that the government also does not maintain data on the total wealth of billionaires, as the Wealth-tax Act, 1957 was abolished from April 1, 2016.
Income inequality falls
The Centre added that several indicators suggest improving economic inclusion. According to the latest Household Consumption Expenditure Survey (2023-24), income inequality declined in both rural and urban areas, as reflected in a fall in the Gini coefficient.
{{/usCountry}}The Centre added that several indicators suggest improving economic inclusion. According to the latest Household Consumption Expenditure Survey (2023-24), income inequality declined in both rural and urban areas, as reflected in a fall in the Gini coefficient.
{{/usCountry}}The Gini coefficient is a statistical measure of economic inequality that ranges from 0 to 1, evaluating income or wealth distribution. A value of 0 indicates perfect equality, while 1 indicates complete inequality.
The Gini coefficient declined to 0.237 in rural areas from 0.266 in 2022-23 and to 0.284 in urban areas from 0.314, indicating a narrowing rural-urban gap, according to ANI.
Unemployment rate for individuals above 15 decline
The government further said the unemployment rate for people aged 15 and above fell from 3.6 per cent in 2022 to 3.1 per cent in 2025. It added that multidimensional poverty has also declined significantly over the past decade, citing NITI Aayog data.
Chaudhary said the government is promoting inclusive economic growth through a progressive income tax system, employment-linked tax incentives, support for start-ups and cooperatives, and welfare schemes focused on housing, healthcare, financial inclusion, skill development and rural livelihoods.
(With inputs from ANI)