The number of ultra-high-net-worth individuals in India has witnessed a significant surge, with as many as 576 individuals reporting an annual income of over Rs 100 crore in the financial year 2026, marking a 40% increase from the previous year. This substantial rise in the number of high-income earners has sparked a heated debate about income inequality in the country. The data, which was presented by the Ministry of Finance in the Lok Sabha, is based on income tax return filings and sheds light on the growing wealth disparity in India.

Income Tax Return Filings The income tax return filings for the year ended March 31, 2026, reveal a steady increase in the number of individuals with annual incomes exceeding Rs 100 crore. In comparison to the 415 individuals who reported such high incomes in FY25, and the 284 in FY24, the latest figures indicate a substantial growth in the number of ultra-high-net-worth individuals. Minister of State for Finance Pankaj Chaudhary shared these findings in response to a question posed by Indian National Congress MP Murari Lal Meena. The data highlights the rising wealth of India's elite, with the country now home to 308 billionaires, according to the Hurun Global Rich List, up from 284 in the previous year.

Billionaires in India The Forbes Real-Time Billionaires List ranks Mukesh Ambani, Chairman of Reliance Industries, as India's richest person, with an estimated net worth of $86.7 billion. He is closely followed by Gautam Adani at $85.5 billion and Savitri Jindal and family at $37.5 billion. However, the Minister noted that there is no statutory definition of the term "billionaire" under the Income-tax Act, 2025, or the erstwhile Income-tax Act, 1961. This lack of a clear definition has sparked debate about the accuracy of such rankings and the true extent of wealth inequality in India.

Income Inequality Debate The World Inequality Report 2026 paints a grim picture of income inequality in India, stating that the top 10% of earners account for 58% of the country's national income, while the bottom 50% receive a mere 15%. However, the Ministry of Finance has disputed this assessment, citing the latest Household Consumption Expenditure Survey 2023-24, which shows a decline in the Gini coefficient for rural and urban areas. The Gini coefficient, a statistical measure of economic inequality, has decreased from 0.266 and 0.314 in 2022-23 to 0.237 and 0.284, respectively, indicating a narrowing of the income gap. Despite this, the debate surrounding income inequality in India is likely to continue, with many arguing that the government's measures do not adequately address the issue.