Indians reporting ₹100 crore-plus income hit five-year high, Parliament data shows

The number of individuals reporting a gross total income (GTI) of ₹100 crore or more in their income tax returns has increased to 576 in the Assessment Year (AY) 2025-26, according to data shared by the Finance Ministry in Parliament. The government also clarified that there is no statutory definition of the term “billionaire” under the Income-tax Act.

No legal definition of ‘billionaire’

The information was shared in response to a question in Parliament on the increasing number of billionaires in India.

In its reply, the Finance Ministry said there is no statutory definition of the term “billionaire” under either the Income-tax Act, 2025, or the erstwhile Income-tax Act, 1961.

Instead, the ministry provided data on individuals who reported a gross total income of ₹100 crore or more in their income tax returns filed over the last five assessment years.

Trend over five years

The data shows an overall increase in the number of such taxpayers during the period. The latest figure of 576 individuals in AY2025-26 is the highest reported in the last five assessment years. The trend also shows a slight decline in AY2023-24 before the numbers rose again in the following two assessment years.

Income is not the same as wealth

The data shared by the Finance Ministry relates to individuals who reported a gross total income of ₹100 crore or more in their income tax returns. It should not be interpreted as the number of billionaires in the country, as billionaire status is generally based on net worth, while the parliamentary reply refers to annual reported income.