The term "crorepati" refers to someone who has assets or income worth at least ₹1 crore, equivalent to approximately 135,000 USD.
India has seen a significant rise in crorepati taxpayers over the past decade.
Mumbai alone accounts for 35.4% of India’s ultra HNI population. State-wise, industrialized and economically developed states like Maharashtra, Tamil Nadu, and Karnataka have a higher concentration of crorepatis.
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| Chart: Hindustan Times |
India is getting richer, but much of that new wealth is coming from speculation, not production
The number of Indians earning ₹100 crore+ annually quadrupled from 142 to 576 between 2021-22 and 2025-26. Yet only 19 people reported a salary above ₹100 crore in 2023-24. The mega-wealth isn't coming from jobs.
For those earning above ₹100 crore, the ratio of business income to capital income collapsed from 8:1 to just 2.4:1.
In the ₹50-100 crore bracket, it fell from 4.4:1 to 1.7:1. Even at the top, profits from work are being overtaken by profits from wealth.
The country’s population of individuals worth more than $30 million rose from 12,161 in 2021 to 19,877 in 2026, increasing India’s share of the global ultra-rich population to 2.8% from 2.2%.
Parties have Richer MPs in 2024
According to a report by the Association for Democratic Reforms, out of the 543 representatives elected in the 18th Lok Sabha, an astonishing 504 are crorepatis. One out of every three candidates contesting the 2024 polls were crorepatis; and of the winners, this number was a little more than nine out of ten. The chance of a crorepati candidate winning was 19.6 per cent, compared to a 0.7 per cent chance for non-crorepati aspirants.
The net worth of Members of Parliament has only risen from election to election — their average assets increased by more than seven times in the last 15 years, from Rs 5.35 crore in 2009 to Rs 46.34 crore in 2024. The average asset of a TDP Lok Sabha winner in 2024 was Rs 442 crore. BJP MPs, on an average, were worth Rs 50 crore, and Congress MPs, Rs 23 crore.