Number of Indians surpassing an annual income of one crore Rupees, as per the Hurun Wealth Report of 2025
In a significant development, the Hurun India Wealth Report 2025 reveals a rapid increase in the number of high-income taxpayers in India, with the number of income tax return filers with annual incomes exceeding Rs 1 crore nearly tripling in six years, from approximately 81,000 in Assessment Year (AY) 2017-18 to approximately 2.27 lakh by AY 2023-24.
This trend of prosperity spreading in the Indian economy is a positive sign, indicating that the country has become one of the fastest-growing wealth-generating economies in the world. The Hurun India Wealth Report 2025 states that India now has 8.71 lakh millionaires (households with a net worth of more than Rs 8.5 crore), a 90% increase compared to 2021.
However, the report also underscores the need for an economic framework that can address growing inequality at the top as the country's tax base expands. The trend of wealth concentration among taxpayers is highlighted, with only 0.07% of millionaires reaching Rs 1,000 crore and 0.01% becoming billionaires.
Becoming a billionaire remains a challenging feat, as the report suggests that only a small number of millionaires reach a net worth of Rs 1 billion or Rs 2 billion. The expanding tax base in India, due to more people filing ITRs showing income in crores, will have far-reaching implications for various sectors, including policy-making, wealth distribution, and luxury consumption.
The impact of this trend will be substantial, and the report emphasizes the importance of an economic framework that can balance growing prosperity with the need to address growing inequality at the top. The report includes personalities such as Mukesh Ambani (Chairman of Reliance Industries), Dilip Sanghvi (Founder of Sun Pharmaceuticals), and Cyrus S Poonawalla (Leader of the Serum Institute of India) among the richest Indians.
The growth in the number of people moving into the Rs 1 crore-plus income bracket is not just a sign of growing prosperity, but also a reminder of the need for a balanced approach to economic development. The Hurun India Wealth Report 2025 suggests that this trend will have a significant impact on areas such as taxation policy, wealth distribution, and luxury consumption.
In conclusion, the Hurun India Wealth Report 2025 provides valuable insights into the current state of India's economy, highlighting both the positive developments and the challenges that lie ahead. The report emphasizes the need for a robust and inclusive economic framework that can sustain this upward momentum while balancing growing inequality at the top.
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