The combined wealth of India’s top five billionaire families increased by about 400% between 2019 and 2025. Individually, Mukesh Ambani’s wealth grew by 153% during this period, while Gautam Adani’s wealth increased by 625%, reflecting the sharp rise in wealth at the very top even over a short span of time.
The findings were published in a study titled Wealth Tracker India 2026 which examined patterns of wealth concentration and income distribution in the country.
According to the report, the richest 1% now control over 40% of India’s total wealth, while the top 10% account for nearly 60% of national income. In contrast, the bottom 50% receive just 15%. “The share of the top 1% in wealth has increased from 36.5% in 2019 to 40.1% from 2022 onwards,” the report said, adding that the share of the bottom 50% declined from 6.8% to 6.4% during the same period.
The concentration of wealth is also reflected in the growing number of high-net-worth individuals. “The number of individuals with wealth above Rs 1,000 crore increased by 77% between 2019 and 2025,” the report said, noting that their combined wealth rose by 227%.
By 2025, 1,688 individuals held a total wealth of Rs 166 lakh crore, which is nearly half of India’s GDP. The report also observed that the wealth of the top 100 richest individuals rose from Rs 31 lakh crore in 2019 to over Rs 93 lakh crore in 2024, before settling at around Rs 88 lakh crore in 2025.
The gains at the top continued even during periods of broader economic disruption. “Billionaire wealth increased by 35% during the lockdown period,” the report said, pointing to trends during the COVID-19 pandemic when large sections of the population faced economic uncertainty and loss of income.
“In 2022 the number of people in the club only crept from 1,007 to 1,013 but their combined wealth crept to Rs 100 lakh crore. The world held its breath through inflation, rate hikes, geopolitical shocks while the super rich made super profits. Then came 2023, and the dam broke. Three hundred new entrants joined the four-figure-crore club in a single year and their combined wealth jumped to Rs 109 lakh crore,” it added.
At the same time, the report highlights rising financial pressures on households. It said that household debt increased from Rs 69.9 lakh crore in 2019-20 to Rs 136.6 lakh crore in 2024-25, adding that the share of debt in disposable income rose from 34.2% to 42.1%. This indicates that while wealth has expanded at the top, many households have seen an increase in borrowing relative to their income.
The report also draws attention to disparities in wealth distribution across social groups. “Nearly 90% of billionaire wealth is held by upper castes,” it said, noting that Scheduled Tribes have no representation among billionaires, Other Backward Classes hold less than 10%, and Scheduled Castes account for 2.6%. These figures point to uneven access to wealth accumulation across different sections of society.
Alongside these trends, the report flags policy-related concerns. It notes that banks have written off Rs 19.6 lakh crore in loans over the past 11 years. It also points to continued tax concessions for corporates and limited expansion in social sector spending, situating wealth concentration within a broader policy framework.
The report outlines possible measures to address these disparities. It states that “a 2% wealth tax on individuals with wealth above Rs 1,000 crore could generate Rs 3.32 lakh crore,” while a progressive wealth tax ranging from 2% to 6% could generate about Rs 4.67 lakh crore. It further estimates that “an inheritance tax could generate Rs 2.77 lakh crore annually, assuming a portion of wealth is transferred each year and taxed accordingly. Together, these measures could generate Rs 7.44 lakh crore annually.
According to the report, such resources could significantly expand public spending. “Public spending could expand to Rs 10.63 lakh crore annually” after accounting for multiplier effects, it said, noting that this is comparable to the combined allocation for sectors such as health, education, agriculture, housing and rural development in the Union Budget.