India’s richest have seen a sharp surge in wealth over the past six years, even as household debt has nearly doubled, highlighting deepening inequality in the economy, according to a report by the Centre for Financial Accountability (CFA).
The study notes that the country’s billionaire count has risen to 358 in 2025, with the top 1 percent controlling more than 40 percent of national wealth, a Financial Express report shows. In contrast, the bottom 50 percent holds just about 15 percent.
The number of individuals with a net worth exceeding ₹1,000 crore has increased 77 percent since 2019. Their combined wealth has grown even faster, rising 227 percent during the same period.
The report also points out that the five richest families in India have expanded their wealth by nearly 400 percent since 2019.
Among the biggest gainers is Gautam Adani, whose wealth surged 625 percent between 2019 and 2025. Mukesh Ambani’s wealth rose 153 percent during the same period.
According to the CFA, wealth concentration in India is now comparable to levels seen during colonial times. The report highlights that economic gains have disproportionately benefited the top tier, while a large section of the population continues to struggle.
At the same time, household debt has risen sharply—from ₹69.9 lakh-crore in 2019-20 to ₹136.6 lakh-crore in 2024-25. The report suggests that much of this borrowing has been used to meet daily expenses rather than for asset creation or investment.
While the number of ultra-rich individuals dipped briefly during the Covid-19 disruption in 2020, their total wealth did not contract significantly. By 2021, both the count and wealth had recovered strongly.
By 2023, the number of individuals in the ₹1,000 crore club crossed 1,300, with a sharp jump in aggregate wealth, reflecting strong gains during the post-pandemic recovery phase.
The report argues for a 2 percent wealth tax on the richest individuals as a way to address inequality and fund social programmes.
It estimates that such a tax on Mukesh Ambani alone could finance large-scale welfare measures, including distribution of laptops to students or support for maternity benefits. A similar levy on Gautam Adani could fund primary healthcare services or provide subsidised LPG cylinders across the country.
The CFA concludes that targeted taxation of extreme wealth could help bridge the widening gap between India’s richest and the rest of the population.