Hurun Wealth Report 2025: How Many Indians Earn Over ₹1 Crore?
Share this article:
India is witnessing a significant rise in high-income earners, with more taxpayers crossing the ₹1 crore annual income mark than ever before. According to the Mercedes-Benz Hurun India Wealth Report 2025, the number of individuals filing income tax returns (ITRs) with incomes above ₹1 crore has almost tripled between 2018 and 2024.
Rapid Rise of High-Income Taxpayers
The report cites official income tax data showing that in Assessment Year (AY) 2017–18, about 81,000 people reported incomes above ₹1 crore. By AY 2023–24, that figure had soared to nearly 2.27 lakh. This sharp increase reflects India’s economic expansion, strong entrepreneurial activity, and a booming equity market.
Narrowing Pyramid of Wealth
Despite the surge in ₹1 crore+ earners, the wealth pyramid narrows quickly at higher levels. Very few taxpayers report incomes of ₹5 crore or ₹10 crore annually. This suggests that while more Indians are joining the millionaire club, breaking into the ultra-rich bracket remains rare and limited to a select group.
Surge in Millionaire Households
The Hurun India Wealth Report 2025 also highlights that India now has 8.71 lakh millionaire households (with net worths exceeding ₹8.5 crore), marking a 90% increase since 2021. This surge positions India among the fastest-growing wealth-generating nations globally.
Few Reach Billionaire Status
While millionaires are multiplying, the path to billionaire status remains steep. Only 0.07% of millionaires reach a net worth of ₹1,000 crore, and just 0.01% become billionaires. The gap between millionaires and billionaires underlines how wealth remains heavily concentrated.
Implications for Taxpayers and Policymakers
These figures point to two major realities:
The findings suggest important implications for taxation, wealth distribution, and luxury spending patterns. As India’s tax base expands, it reflects rising prosperity but also highlights the need for a sustainable and inclusive economic framework to manage growth while addressing inequality at the top.
Rapid Rise of High-Income Taxpayers
The report cites official income tax data showing that in Assessment Year (AY) 2017–18, about 81,000 people reported incomes above ₹1 crore. By AY 2023–24, that figure had soared to nearly 2.27 lakh. This sharp increase reflects India’s economic expansion, strong entrepreneurial activity, and a booming equity market.
Narrowing Pyramid of Wealth
Despite the surge in ₹1 crore+ earners, the wealth pyramid narrows quickly at higher levels. Very few taxpayers report incomes of ₹5 crore or ₹10 crore annually. This suggests that while more Indians are joining the millionaire club, breaking into the ultra-rich bracket remains rare and limited to a select group.
You may also like
- ED attaches Rs 4.5 crore assets in PMLA case linked to MP's education 'scam'
'I nearly died from morning yawn - it was so forceful it broke my neck'- K Kavitha says increasing height Almatti Dam to impact Telangana's share of water, calls for CM's intervention
EastEnders' Ross Kemp hits out at far-right protestors for hijacking St George's Cross flag- "America is trying to target Indian economy because it's growing": Telangana BJP Chief Ram Chander Rao after US H-1B fee hike
Surge in Millionaire Households
The Hurun India Wealth Report 2025 also highlights that India now has 8.71 lakh millionaire households (with net worths exceeding ₹8.5 crore), marking a 90% increase since 2021. This surge positions India among the fastest-growing wealth-generating nations globally.
Few Reach Billionaire Status
While millionaires are multiplying, the path to billionaire status remains steep. Only 0.07% of millionaires reach a net worth of ₹1,000 crore, and just 0.01% become billionaires. The gap between millionaires and billionaires underlines how wealth remains heavily concentrated.
Implications for Taxpayers and Policymakers
These figures point to two major realities:
- Widening prosperity – more Indians are filing ITRs showcasing crore-level incomes.
- Persistent inequality – the ultra-rich category remains exceptionally small.
The findings suggest important implications for taxation, wealth distribution, and luxury spending patterns. As India’s tax base expands, it reflects rising prosperity but also highlights the need for a sustainable and inclusive economic framework to manage growth while addressing inequality at the top.
More from our partners
Loving Newspoint? Download the app now
