India added 576 taxpayers declaring annual income of Rs 100 crore or more in assessment year 2026, taking the ultra-rich tax filer count up almost 40% from 415 a year earlier, according to income tax department data cited in an SBI Research report released to mark the country's 80th Independence Day.
The pace of growth at the very top of the income pyramid has comfortably outrun the broader wealthy bracket. Taxpayers earning Rs 1 crore or more crossed 5.36 lakh in AY26, up a more modest 14% from 4,71,419 in AY25, the slowest expansion this bracket has seen in four years.
Why The Gap Matters
The divergence marks a shift from previous years, when growth in the Rs 100 crore-plus bracket and the broader crorepati base tended to move in the same direction, if not always at the same pace. In AY25, for instance, the two brackets grew 46% and 35% respectively, a narrower gap than the one now opening up between 39% and 14%.
SBI Research's own commentary in the report was limited to presenting the numbers as part of its wider Independence Day assessment of the economy, alongside data on GDP growth, credit demand and corporate earnings, without offering an explanation for the widening gap between the two brackets.
The Four-Year Trend
The Rs 1 crore-plus bracket has more than doubled in size since AY22, when it stood at 1,93,800. It rose to 2,69,184 in AY23, a 39% increase, then to 3,49,974 in AY24, up 30%, and to 4,71,419 in AY25, up 35%, before growth slowed sharply to 14% in AY26.
The number of crorepatis in India has shot up 14% in the last assessment year.
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The Rs 100 crore-plus bracket has moved far less predictably over the same period. It more than doubled to 301 in AY23 from 142 in AY22, a 112% jump, then unexpectedly fell 6% to 284 in AY24, a reminder that ultra-high income in India is often driven by lumpy, one-off events such as asset sales or business transactions rather than steady salary growth. It has since rebounded firmly, rising 46% to 415 in AY25 and 39% to 576 in AY26.
The Bigger Picture
SBI Research presented the data as one indicator of income growth at the top end of the economy, part of a broader report that also projected 8% GDP growth for Q1 FY27, credit growth of 19.3% and a rebuilding of foreign exchange reserves to $707 billion through the RBI's FCNR(B) deposit scheme. The report separately flagged margin pressure in sectors including healthcare, cement and entertainment during the June quarter, a reminder that the resilience at the top of the income distribution has not been uniform across corporate India.
The trend also carries implications beyond the tax base itself, feeding into demand for premium real estate, luxury goods and wealth management products, categories that tend to track high-income growth more closely than headline consumption numbers.
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