The number of Indian taxpayers reporting annual incomes exceeding ₹100 crore (approximately $12 million) has more than quadrupled over the past five years, according to data presented by the country's Finance Ministry.
The cohort grew from 142 individuals in assessment year 2022 to 576 in assessment year 2026, marking a sharp acceleration in top-tier income concentration.
8% in 2025, the largest annual increase since 2017, adding nearly one million new millionaires to the global population.
The disclosure comes as government officials have repeatedly argued that income inequality is narrowing across the economy.
The surge in ultra-high-income filers provides a counterpoint to those claims, highlighting a divergence between aggregate growth metrics and the distribution of gains at the very top of the income ladder.
This domestic trend aligns with broader global patterns of wealth accumulation.
Recent reports from UBS indicated that global personal wealth expanded by 10.8% in 2025, the largest annual increase since 2017, adding nearly one million new millionaires to the global population.