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Lok Sabha elections 2024: 93 percent winners are millionaires, says ADR analysis

504 of the 543 winning candidates in Lok Sabha elections 2024 are millionaires according to the ADR analysis.

Published Jun 06, 2024 | 5:22 PM ⚊ Updated Jun 06, 2024 | 5:22 PM

Trends indicate that the BJP-led NDA is set to return to power.

A staggering 93 percent of the candidates who won the 2024 Lok Sabha elections are millionaires, up from 88 percent in 2019, according to an analysis by the poll rights body, Association of Democratic Reforms (ADR).

The top three wealthiest candidates are TDP’s Chandra Sekhar Pemmasani from Andhra Pradesh’s Guntur constituency with assets worth ₹5,705 crores, BJP’s Konda Vishweshwar Reddy from Telangana’s Chevella with total assets amounting to ₹4,568 crore and BJP’s Naveen Jindal from Haryana’s Kurukshetra with assets worth ₹1,241 crores.

Of the 543 winning candidates, 504 are millionaires, the analysis found. In 2019, 475 (88 percent) winning candidates were millionaires and 443 (82 percent) in 2014.

The trend indicates a steady climb since 2009 when only 315 (58 percent) MPs were millionaires.

According to the analysis, 227 (95 percent) of the BJP’s 240 winning candidates, 92 (93 percent) of the Congress’ 99 candidates, 21 (95 percent) of the DMK’s 22, 27 (93 percent) of the TMC’s 29 and 34 (92 percent) of the Samajwadi Party’s 37 candidates have declared assets worth more than ₹1 crore.

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All winning candidates of the AAP (3), the JDU (12) and the TDP (16) are millionaires, ADR data showed. The analysis also delves into candidates’ chances of winning based on their financial backgrounds.

It found that the probability of a millionaire candidate clinching victory in the 2024 Lok Sabha elections stood at 19.6 percent, compared to a meagre 0.7 percent for candidates with assets less than a crore.

The analysis also provides a breakdown of wealth distribution among the winning candidates. The data showed that 42 percent of the candidates possess assets totalling ₹10 crores and above.

While 19 percent of the candidates fall within the bracket of ₹5 to 10 crore, 32 percent hold assets ranging between ₹1 to 5 crore. Only about one percent of the winning candidates have assets worth less than ₹20 lahks.

Among major parties, the average assets per winning candidate vary significantly.

The TDP leads with an average of ₹442.26 crores per winner, followed by the BJP with ₹50.04 crores, the DMK with ₹31.22 crores, the Congress with ₹22.93 crores, TMC with ₹17.98 crores and SP with ₹15.24 crore.

The analysis also highlights disparities within the financial profiles of winning candidates. While some boast of substantial assets, others have relatively low worth.

For instance, BJP’s Jyotirmay Singh Mahato from West Bengal’s Purulia has declared assets totalling a mere ₹5 lakh. Similarly, TMC’s Mitali Bag from West Bengal’s Arambag holds assets worth ₹7 lakh.

Assets of SP’s Priya Saroj from Uttar Pradesh’s Machhlishahr are valued at ₹11 lakh.

In addition, the analysis identifies candidates with high liabilities. TDP’s Pemmasani tops the list with liabilities exceeding ₹1,038 crore. DMK’s S Jagathratchakan from Tamil Nadu’s Arakkonam has liabilities worth ₹649 crore and TDP’s Prabhakar Reddy Vemireddy from Andhra Pradesh’s Nellore has liabilities worth ₹197 crore.

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