New Delhi: India has witnessed increasing number of billionaires as a total of 576 people have reported their Gross Total Income (GTI) exceeding Rs 100 crore in the Assessment Year (AY) 2025-26.
The figures mark a surge of 39 percent from the previous year while in last 5 Years, number Of individuals with over Rs 100 crore income is up 300 percent.
According to the Ministry of Finance data submitted to Parliament on Monday the current figure is an increase of 161 people from 415 in 2024-25 to 576 current financial year.
It is notable that there is no statutory definition of the term 'billionaire' either in the Income tax Act 2025 or under the erstwhile Income Tax Act 1961.
The figure is based on the Income Tax Returns (ITRs) filed by these individuals.
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Interestingly, in last five assessment years from AY 2021-22 to AY 2025-26 the number of people crossing Rs 100 club stood at 434.
If you go deeper in the data, AY 2023-24 witnessed a decline before the figures started going up in following two assessment years.
It is worth considering that generally, the billionaire status is based on the total net worth of the individual. However, the Finance Ministry has categorize them on the Income Tax Filling.
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A person becomes a billionaire when their total net worth reaches 1 billion units of currency (most commonly USD).
Annual Income is the money a person earns over the course of a single year (e.g., salary, stock options exercised, business profits, dividends). Almost no one makes $1 billion in annual salary or taxable income in a single year. While Net Worth is a snapshot of everything a person owns minus everything they owe.
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