June 6th 2024.
In the 2024 Lok Sabha elections, a significant 93% of the winning candidates were reported to be millionaires. This is a significant increase from the previous elections in 2019, which saw 88% of winning candidates belonging to the millionaire category. This data was revealed through an analysis conducted by the Association of Democratic Reforms, a poll rights body.
Out of the 543 winning candidates, an overwhelming 504 were millionaires, according to the analysis. This trend has been on a steady rise since 2009, when only 315 MPs were reported to be millionaires. The top three richest candidates in the 2024 elections are Chandra Sekhar Pemmasani from Andhra Pradesh's Guntur constituency, Konda Vishweshwar Reddy from Telangana's Chevella, and Naveen Jindal from Haryana's Kurukshetra, with assets worth Rs 5,705 crore, Rs 4,568 crore, and Rs 1,241 crore respectively.
Breaking down the analysis, it was found that 227 out of the BJP's 240 winning candidates, 92 out of the Congress' 99, 21 out of the DMK's 22, 27 out of the TMC's 29, and 34 out of the Samajwadi Party's 37 candidates had declared assets worth more than Rs 1 crore. Interestingly, all winning candidates from the AAP, JDU, and TDP were also reported to be millionaires.
The analysis also looked into the chances of winning based on financial backgrounds. It was found that the probability of a millionaire candidate winning the election was 19.6%, while the chances for a candidate with assets less than a crore were a mere 0.7%. The analysis also provided a breakdown of wealth distribution among the winning candidates, with 42% of them possessing assets worth Rs 10 crore and above, 19% falling in the bracket of Rs 5 to 10 crore, and 32% holding assets ranging between Rs 1 and 5 crore. Only 1% of the winning candidates were reported to have assets worth less than Rs 20 lakh.
The average assets per winning candidate varied significantly among major parties, with TDP leading the list with an average of Rs 442.26 crore per winner, followed by BJP with Rs 50.04 crore, DMK with Rs 31.22 crore, Congress with Rs 22.93 crore, TMC with Rs 17.98 crore, and SP with Rs 15.24 crore.
The analysis also shed light on the disparities within the financial profiles of winning candidates. While some boasted of substantial assets, others had relatively low net worth. For instance, BJP's Jyotirmay Singh Mahato from West Bengal's Purulia declared assets worth only Rs 5 lakh, while TMC's Mitali Bag from West Bengal's Arambag held assets worth Rs 7 lakh. Similarly, SP's Priya Saroj from Uttar Pradesh's Machhlishahr was reported to have assets worth only Rs 11 lakh.
In addition, the analysis also identified candidates with high liabilities. TDP's Pemmasani topped the list with liabilities exceeding Rs 1,038 crore, while DMK's S Jagathratchakan from Tamil Nadu's Arakkonam had liabilities worth Rs 649 crore. TDP's Prabhakar Reddy Vemireddy from Andhra Pradesh's Nellore was reported to have liabilities worth Rs 197 crore.
Overall, the analysis by the Association of Democratic Reforms highlights the increasing trend of millionaires winning elections and the disparities in the financial profiles of winning candidates. However, it is also important to note that this data only provides a glimpse into the financial aspect of the candidates and does not take into account their qualifications, experience, and other important factors that may also contribute to their success in the elections.
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