93% of 18th Lok Sabha MPs are Crorepatis, Up by 35% From 2009

In the winding corridors of Indian politics, it’s the sound of coins clinking and banknotes rustling that often drowns out the voices of the common people. Over time, the story of Indian elections has taken a dramatic turn, highlighting a strong link between a candidate’s wealth and their success at the polls. This study clearly shows how deeply money and political power are intertwined, moving together in a complex and mutually beneficial dance.  

Take the rise of crorepati candidates — those with assets exceeding one crore rupees — over the past four general elections (Table 1). In the 2009 Lok Sabha elections, 58% of winning candidates were crorepatis. This marked the start of a trend that only grew stronger with time. By 2014, the percentage of crorepati MPs had surged to 82%, signalling an ever-closer relationship between wealth and political clout. The 2019 elections solidified this trend, with 88% of winners being crorepatis. But it was the 2024 elections that painted the clearest picture: the highest ever staggering 93% of the elected MPs are crorepatis.

Table 1: Crorepati winning candidates over the years

These numbers show a clear increase in the role of wealth in the electoral arena over the years. The jump from 58% in 2009 to 93% in 2024 suggests that financial affluence is becoming almost a prerequisite for electoral success. A closer look at the asset distribution among winning MPs in 2024 reveals that 93% have assets exceeding Rs 1 crore. 

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Data in table 2 provides that 42% have assets worth over Rs 10 crore, 19% between Rs 5 and 10 crore, and 32% between Rs 1-5 crore. This concentration of wealth among the majority of winning candidates raises significant questions about the inclusivity of the electoral process. How can someone with modest means in a country this poor ever hope to contest, let alone win, in such an environment?

Table 2: Value of assets of winning MPs for 2024 Lok Sabha

This has led to a scenario where politics is becoming increasingly exclusionary, favouring those who can amass considerable wealth at the expense of those who cannot. This undermines the democratic ethos as it limits political participation to the affluent thus marginalising a significant portion of the population. This data reveals a political landscape where financial muscle is paramount, marginalising those without substantial resources.

Table 3: Party-wise crorepati winning candidates in 2024

When we analyse the data by party, we see that both national and regional parties are heavily dominated by crorepati candidates. The Bharatiya Janata Party (BJP) and the Indian National Congress (INC), the two largest national parties, have 95% and 93% crorepati MPs, respectively. Regional parties like the Telugu Desam Party (TDP) and Janata Dal (United) (JD(U)) boast a 100% crorepati representation among their winners. This pattern highlights a broader, systemic reliance on financial prowess across the political spectrum.

So, what drives this deep-seated correlation between financial assets and electoral success? At its core, the answer lies in the multifaceted role of money in elections. Campaign financing, voter outreach, and media presence — all crucial components of a successful campaign — require substantial monetary investment. Wealthy candidates can afford extensive advertising campaigns, more significant voter engagement efforts, and better logistical setups, all of which are crucial in swaying the electorate. Furthermore, financial muscle often translates into greater influence and the ability to garner more support from within the party, ensuring a stronger candidacy.

Table 4: State-wise crorepati winning candidates 2024

The financial barriers to entry into politics are evident when examining the average assets of winning candidates across various states, throughout the Lok Sabha elections of 2024 (Table 4). In major states like Uttar Pradesh and Maharashtra, the vast majority of successful candidates are crorepatis, with 94% and 98%, respectively. The pattern is consistent across other significant states such as Karnataka and Andhra Pradesh, where the percentage of crorepati winners is around 96 percent. In smaller states and union territories like Delhi, Haryana, and Assam, the proportion reaches a staggering 100 percent. This data hints towards the fact that financial resources are crucial for electoral success, and thus increasing the possibility of the high entry costs into politics effectively excluding candidates with limited means.

Table 5: Party-wise average assets of winning candidates

Moreover, the average assets of winning candidates by party illustrate the financial muscle required to compete. Data in table 5 shows that BJP candidates have an average asset value of around Rs 50 crore plus, while those from the INC average about Rs 22 crore. Even regional parties like the Dravida Munnetra Kazhagam (DMK) and All India Trinamool Congress (AITC) show significant financial strength, with average assets of Rs 31 crore and Rs 17 crore, respectively. The TDP stands out with an exceptionally high average of Rs 442 crore, indicating that substantial personal wealth is increasingly becoming a prerequisite for political candidacy.

Table 6: Party-wise assets increase of winning candidates

The role of money in the probability of winning is further reinforced by the dramatic increase in assets observed among re-elected candidates. The BJP, which has the largest number of re-elected MLAs, shows an average asset increase of Rs 7.79 crore, a 41.9% rise since 2019. The AITC and INC follow suit with increases of 53.84% and 36.87%, respectively. This trend suggests that once in office, politicians continue to amass significant wealth, raising questions about the sources of this wealth and the integrity of the political process. Re-election and the associated asset increase point to a concerning cycle where money not only facilitates electoral success but also multiplies with continued political power. The data indicates that re-elected MLAs, regardless of their party affiliation, have seen substantial growth in their financial portfolios. For instance, the DMK’s re-elected members reported a 19.96% increase in assets, while those from the JD(U) saw a 37.09% rise. This pattern underscores the intertwining of political power and personal wealth, suggesting that re-election is not just about public service but also a means to further personal financial interests.

The 2024 Lok Sabha elections have once again underscored the exorbitant financial costs associated with entering Indian politics. An analysis of the assets of winning candidates reveals a pervasive trend: the higher the financial clout, the greater the likelihood of securing a political position. This reality is starkly evident in the data, highlighting the growing role of money in determining electoral success and the significant asset growth of re-elected representatives. The 2024 Lok Sabha elections have highlighted the escalating financial costs of participating in Indian politics. The high entry costs and the increasing role of money in electoral success underscore the need for substantial reforms to ensure a more equitable political process. Addressing these issues is crucial for maintaining the democratic ideals of fair representation and participation, ensuring that the political arena is accessible to all, regardless of financial standing.

Nirmanyu Chouhan and Naman Jaja are researchers at Lokniti, Centre for the Study of Developing Societies. 

Read all of The Wire’s reporting on and analysis of the 2024 election results here.