Tracking five of India’s richest families, including Mukesh Ambani and Gautam Adani, the report shows their combined wealth has grown nearly 400% since 2019, reaching about ₹26.54 lakh crore. It also notes that almost 90% of billionaire wealth is held by upper castes, highlighting entrenched social and structural inequalities in the distribution of economic gains.
A report by the Centre for Financial Accountability (CFA) has highlighted growing economic inequality in India, revealing that just 1,688 ultra-rich individuals hold wealth worth ₹166 lakh crore—nearly 50% of the country’s GDP. “Today India is witnessing inequality at levels that are comparable to colonial times,” the report states, while calling for the introduction of a progressive wealth tax to fund welfare spending.
The report, Wealth Tracker India 2026, was released by CFA in conjunction with the Tax the Top campaign on 1 April 2026. It found that wealth concentration at the top has increased sharply between 2019 and 2025, even as the share of wealth held by the bottom half of the population has remained largely stagnant.
According to the report, India’s top 1% control more than 40% of national wealth while the bottom 50% survives on just 15% of the national income. It found that the number of individuals with wealth exceeding ₹1,000 crore increased by 77% between 2019 and 2025, while their total wealth grew by 227% during the same period. Their combined wealth rose from around ₹31 lakh crore in 2019 to approximately ₹88 lakh crore in 2025.
The findings highlight that the growth of wealth at the top has outpaced overall economic gains, leading to widening inequality. The report notes that while billionaire wealth surged, household debt nearly doubled from ₹69.9 lakh crore in 2019-20 to ₹136.6 lakh crore in 2024-25, indicating growing financial stress among ordinary households.
The report specifically tracked the wealth growth of five of India’s richest families – Mukesh Ambani, Gautam Adani and family, Savitri Jindal and family, Sunil Mittal and family, and Shiv Nadar – whose combined wealth increased by nearly 400% between 2019 and 2025.
During this period, Ambani’s wealth increased by 153%, while Adani’s wealth rose by 625%, according to the findings. The combined wealth of the five families rose from approximately ₹6.68 lakh crore in 2019 to about ₹26.54 lakh crore in 2025.
The report also found that the wealth of India’s richest 100 individuals rose from ₹31 lakh crore in 2019 to over ₹93 lakh crore by 2024, before moderating slightly to around ₹88 lakh crore in 2025. This increase, the report noted, represented wealth accumulation equivalent to multiple Union Budgets.
The analysis also highlighted that nearly 90% of billionaire wealth in India is held by upper castes, further indicating social and structural concentration of wealth.
The report argued that introducing a progressive wealth tax on ultra-rich individuals could generate significant public revenue. It proposed a 2%–6% progressive wealth tax on 1,688 ultra-rich families along with a one-third inheritance tax, which could generate approximately ₹10.63 lakh crore annually.
According to the report, such revenue could be used to increase health spending by 1% of GDP, raise education spending by 1% of GDP, and provide a monthly pension of ₹12,000 to elderly citizens.
The report also outlined welfare possibilities linked to wealth taxation. A 2% wealth tax on Mukesh Ambani’s wealth alone could have generated ₹1,01,427 crore between 2019 and 2025. This amount, the report said, could finance free laptops for 1.85 crore Class 10 students, upgrade over one lakh government schools, or fund universal maternity benefits for nearly two years.
Similarly, a 2% wealth tax on Gautam Adani’s wealth could fund over two years of primary healthcare services nationwide or provide 87 crore LPG cylinders, according to the report.
The report also noted that a 2% tax on Savitri Jindal’s wealth could fund several years of Scheduled Tribe and Scheduled Caste scholarships and support education incentives for millions of students.
The report argued that wealth inequality is driven by policy choices and can be addressed through progressive taxation and redistributive measures. It cited global inequality research suggesting that such outcomes are reversible through policy interventions.
The report stated that discussions around wealth taxation remain largely absent in policy circles, even as inequality continues to widen. It also noted that India abolished its wealth tax in 2016, limiting redistributive fiscal tools available to address inequality.
It also highlighted that ₹19.6 lakh crore in loans were written off over the last 11 years “benefitting mainly the top 1%,” while public spending on welfare remained constrained, raising questions about fiscal priorities.
Anirban Bhattacharya, Campaigns Director at the Centre for Financial Accountability, said in a press release for the report:
“There are two Indias today. One of the handful at the top whose wealth has been soaring by lakhs of crores. And another India that is indebted, precariously employed, and largely from marginalised sections struggling to make their ends meet. The wider this gap, the farther the idea of India in the Constitution goes away.”
“Grotesque inequality is now normalised. Wealth Tax is no magic bullet, but as the report suggests, it can universalize basic rights for the poor.” Jacob Joshy, researcher of the report, further said.
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