A new report urges a 2%-6% wealth tax on India's 1,688 individuals with over ₹1,000 crore in assets, potentially raising ₹10 lakh crore yearly for welfare—challenging government claims of fiscal constraints.
The "Wealth Tracker India 2026" by the Centre for Financial Accountability (CFA) and Tax the Top campaign reveals stark inequality. These ultra-rich, including Mukesh Ambani, Gautam Adani, Savitri Jindal, Sunil Mittal, and Shiv Nadar, control ₹166 lakh crore—nearly 50% of India's GDP.
India's billionaires jumped from 1 in 1991 to 358 by 2025. The top 1% share rose from 36.5% in 2019 to 40.1% in 2022, while the bottom 50% dipped from 6.8% to 6.4%. From 2019-2025, the ultra-rich count grew 77%, with wealth soaring 227% from ₹31 lakh crore to ₹88 lakh crore. Top families' wealth exploded nearly 400%: Ambani +153%, Adani +625%.
The report equates current inequality to "colonial times" and notes India's 2016 abolition of wealth tax, plus ₹19.6 lakh crore in corporate loan write-offs over 11 years. Ordinary taxpayers now shoulder more burden than big firms.
A 2% tax could fund free laptops for 1.85 crore Class 10 students from Ambani alone, two years' universal maternity support for 2.85 crore women, nationwide primary healthcare or 87 crore free LPG cylinders from Adani, and years of ST/SC scholarships from Jindal. It could boost health/education spending by 1% of GDP each and provide ₹12,000 monthly pensions to seniors—versus current ₹200 from the center.
"This is a policy choice," the report states, citing G20 panelist Joseph Stiglitz. CFA's Anirban Bhattacharya highlighted "two Indias": soaring ultra-wealth vs. indebted masses. Tax the Top's Raj Shekhar decried "free passes for the super-rich." Researcher Jacob Joshy called inequality "normalised" but reversible via progressive taxes.
The campaign, backed by unions and civil society, pushes wealth and inheritance taxes for universal rights.