Rise in Wealthy Candidates in India’s Lok Sabha Elections 2024

Harshita Rai

GG News Bureau

New Delhi, 8th June. The Lok Sabha elections of 2024 have concluded, marking the beginning of the process of forming a new government. Analysis by the Association for Democratic Reforms (ADR) reveals that 93% of the candidates who contested the elections are millionaires, a 5% increase from 2019, where it stood at 88%. The data is based on the analysis of affidavits filed along with the nomination papers of the candidates.

Wealthiest Candidates and Their Party Affiliations

In the upcoming Lok Sabha, the top three wealthiest members are from various parties:

  1. Chandra Shekhar Pemmasani from the Telugu Desam Party (TDP) with assets worth ₹5,705 crores.
  2. Konda Vishweshwar Reddy from the Bharatiya Janata Party (BJP) with assets worth ₹4,568 crores.
  3. Naveen Jindal from the BJP with assets worth ₹1,241 crores.

Chandra Shekhar Pemmasani won from Guntur, Andhra Pradesh, while Konda Vishweshwar Reddy won from Chevella, Telangana, and Naveen Jindal won from Kurukshetra, Haryana.

Percentage of Millionaire Candidates

Out of the 543 elected members, 504 are millionaires, according to the analysis. This marks a significant increase from the previous Lok Sabha elections, where 475 (88%) members were millionaires in 2019 and 443 (82%) in 2014. The trend of an increasing number of millionaire members in the lower house of parliament has been observed since 2009, with 315 (58%) members being millionaires at that time.

Wealth Distribution Among Parties

Analysis shows a significant disparity in wealth distribution among winning candidates:

  • 95% of BJP’s winning candidates are millionaires, out of 240 victorious candidates, 227 are millionaires.
  • 93% of Congress’ winning candidates are millionaires, out of 99, 92 are millionaires.
  • 95% of Dravida Munnetra Kazhagam (DMK) candidates who won are millionaires, out of 22, 21 are millionaires.
  • 93% of Trinamool Congress’ winning candidates are millionaires, out of 29, 27 are millionaires.
  • 92% of Samajwadi Party’s winning candidates are millionaires, out of 37, 34 are millionaires.

Probability of Millionaire Candidates Winning

According to ADR’s analysis, the probability of a millionaire candidate winning in the 2024 Lok Sabha elections is 19.6%, while for candidates with assets less than ₹1 crore, it is only 0.7%.

Wealth Distribution Among Winning Candidates

The distribution of wealth among winning candidates is as follows:

  • 42% of winning candidates have assets of ₹10 crores or more.
  • 19% of winning candidates have assets between ₹5 crores and ₹10 crores.
  • 32% of winning candidates have assets between ₹1 crore and ₹5 crores.
  • Only 1% of new members have assets less than ₹20 lakhs.

Intra-Party Disparity in Wealth

There is also a significant disparity in the wealth of winning candidates within parties:

  • Jyotirmay Singh Mahato, who won from Purulia in West Bengal on a BJP ticket, declared assets worth only ₹5 lakhs.
  • Mitali Bagh, who won on a Trinamool Congress ticket from Arambagh, declared assets worth ₹7 lakhs.
  • Priya Saroj, who won from Machhlishahr in Uttar Pradesh on a Samajwadi Party ticket, declared assets worth ₹11 lakhs.
  • Pemmasani from the TDP tops the list with debts amounting to ₹1,038 crores.

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