India has seen a surge in multi-millionaires, with the number of people earning above Rs 10 million ($120,501) annually rising to over 216,000 as on December 31, 2023.
The data is culled from the income tax returns (ITR) filed for Assessment Year (AY) 2023-24, India’s Minister of State for Finance Pankaj Chaudhary told the country’s Lower House.
The number of people earning above Rs 10 million last year was up by 15.5 percent, compared to 187,000 in AY 2022-23, PTI reported.
The minister said the total number of individuals in India who reported income from ‘profession’’ in AY 2023-24 also rose to 12,218 from 10,528 reported in AY 2022-23.
In 2019-20, the number of people reporting income from ‘profession’ was only 6,555.
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