Indians earning more than Rs 1 crore in FY24 based on income tax returns filed.
State-wise Number of Crorepati Taxpayers (FY24)
Maharashtra – 1,24,800
Uttar Pradesh – 24,050
Madhya Pradesh – 8,666
Tamil Nadu – 6,288
Andhra Pradesh – 5,340
Karnataka – 2,816
Gujarat – 3,540
Rajasthan – 1,704
Kerala – 1,780
Telangana – 5,540
Delhi – 21,500
Punjab – 1,220
Haryana – 2,150
West Bengal – 3,013
Bihar – 1,208
Odisha – 493
Jharkhand – 788
Chhattisgarh – 1,260
Assam – 2,576
Himachal Pradesh – 1,095
Jammu & Kashmir – 1,220
Ladakh – 3
Sikkim – 14
Tripura – 42
Meghalaya – 24
Manipur – 33
Nagaland – 35
Mizoram – 13
Arunachal Pradesh – 31
Goa – 480
Dadra & Nagar Haveli and Daman & Diu (DND) – 70
Puducherry – 160
Andaman & Nicobar Islands – 8
Lakshadweep – 1
The number of individuals in India earning over Rs 1 crore annually continues to rise, with the latest official data for the Financial Year 2022-23 (Assessment Year 2023-24) revealing a significant increase in high-income earners. While the final figures for FY 2023-24 (AY 2024-25) are yet to be released by the Central Board of Direct Taxes (CBDT), the trend indicates a continued upward trajectory.
For the Assessment Year 2023-24, over 2.16 lakh individuals filed income tax returns declaring an income of more than Rs 1 crore. This was a notable increase from the approximately 1.87 lakh individuals in the same income bracket in the preceding Assessment Year (2022-23), as stated by the Minister of State for Finance, Pankaj Chaudhary.
While the specific data for the number of crorepatis for FY24 (AY 2024-25) is not yet available, the overall income tax filing numbers for this period have set a new record. As of July 31, 2024, a total of 7.28 crore Income Tax Returns (ITRs) were filed for AY 2024-25, surpassing the 6.77 crore ITRs filed by the same date for the previous assessment year. This increase in the overall number of filers suggests a potential rise in the number of high-income earners as well.
The final and detailed analysis of ITRs for AY 2024-25, which will include the precise number of individuals with incomes exceeding Rs 1 crore, is typically released by the Finance Ministry or the CBDT after the closure of the extended tax filing deadlines for all categories of taxpayers and the subsequent processing of the returns.
Growth in High-Income Earners
The number of crorepati taxpayers in India has seen a substantial surge over the past few years. The figure has more than doubled from over 1.09 lakh in Assessment Year 2019-20 to over 2.16 lakh in Assessment Year 2023-24, indicating a robust growth in the high-income segment of the population. This trend is often attributed to a combination of factors including economic growth, increased compliance, and the formalization of the economy.
It is important to note that these figures are based on the income declared in tax returns and do not necessarily reflect the entire wealth or net worth of these individuals. Independent reports on wealth in India also point towards a consistent increase in the number of high-net-worth individuals, further corroborating the trend of rising prosperity at the top end of the economic spectrum.