The country’s billionaire club is growing at a rapid pace. This was revealed in a report released in Parliament on Monday. According to data provided by the Lok Sabha, about 576 individuals have declared a total income of Rs 100 crore or more in their Income Tax Return (ITR) in the assessment year 2025-26. This is 39% more than the previous year.
Minister of State for Finance Pankaj Chaudhary has informed the Lok Sabha in writing that the number of individuals declaring an income of Rs 100 crore or more in their ITR for the assessment year 2025-26 has reached 576. It was 142 in 2021-22. In the said five years, the number of rupee billionaires has increased fourfold. Shri Chaudhary further said that there is no statutory definition of the word billionaire or billionaire under the Income Tax Act-2025 or the Income Tax Act-1961.
In 2022-23, there were 301 individuals in the income category of Rs 100 crore and above. It had fallen to 284 in 2023-24 and increased to 415 in 2024-25. It has now crossed 500. According to the Minister of State for Finance, the unemployment rate in the age group of 15 years and above was 3.6% in 2022. It has come down to 3.1% in 2025.
According to the Minister, the government has taken various steps to reduce income and wealth inequality, create employment and promote sustainable economic growth. These include a progressive income tax structure and increased spending on food, health, education, housing and social security.
