NEW DELHI, July 28. /TASS/. The number of dollar billionaires in India has increased more than fourfold over the past five years, climbing to 576 from 142 previously, The Times of India reported, citing government data.

According to tax returns filed for the 2025-2026 fiscal year that ended in March, 576 Indian citizens declared a total income of $1 billion or more. This represents the fastest growth rate for dollar billionaires in the South Asian republic over a five-year period.

Meanwhile, the number of wealthy individuals holding over $30 million in investment assets rose from 12,100 in 2021 to 19,800 in 2026, boosting India's share of the global ultra-rich population from 2.2% to 2.8%.

The number of high-earning workers in India has risen significantly since the 2024 downturn. The job market has rebounded past pre-pandemic levels, driving down unemployment. Government initiatives focus on narrowing inequality and fostering inclusive economic growth, according to a cabinet report presented to parliament.

India has entered a transformative era of wealth accumulation, driven by a new generation of entrepreneurs and financiers. Their wealth has been propelled by tech startups valued over $1 billion, IT innovations, and initial public offerings (IPOs). Media reports indicate that over 15% of India's ultra-rich are currently under 30, while 20% of high-and ultra-high-net-worth citizens are under 40.

India ranks sixth globally in ultra-high-net-worth individuals and third in Asia, trailing only China and Japan. Additionally, the country boasts 108 officially registered family-owned businesses with capital exceeding $1 billion, ranking third worldwide by this metric.