Karnataka has reaffirmed its label as a state of billionaire legislators, with 31 MLAs possessing assets worth over Rs 100 crore and deputy chief minister DK Shivakumar -- with declared assets of Rs 1,413 crore --- slipping into the second position among India's wealthiest legislators.

According to a report by Association for Democratic Reforms (ADR), Karnataka stands first in the country in terms of billionaire lawmakers. Andhra Pradesh is second with 27 MLAs and Maharashtra the third with 18 MLAs. Karnataka also leads in total declared assets among MLAs, amounting to a staggering Rs 14,179 crore.

The study, based on self-declared affidavits submitted before elections, highlights a stark financial divide among lawmakers: Four from Karnataka figure among India's top 10 wealthiest MLAs, while three legislators from the state feature in the list with most liabilities.

The ADR report says 76 of India's 119 billionaire MLAs hail from just three states — Karnataka, Andhra Pradesh, and Maharashtra — highlighting a concentration of political wealth in the southern and western regions of the country.

Karnataka's wealthiest legislators are primarily from Congress, followed closely by independent and BJP. DK Shivakumar, Congress stalwart from Kanakapura, conceded the richest MLA spot to BJP's Parag Shah, who represents Mumbai's Ghatkopar East with assets of Rs 3,400 crore.

From Karnataka, independent MLA KH Puttaswamy Gowda follows DK Shivakumar closely with assets of Rs 1,267 crore. Priyakrishna, Congress MLA from Govindarajanagar in Bengaluru, holds Rs 1,156 crore in assets, making him Karnataka's third-richest legislator. However, Priyakrishna also tops the list of MLAs with highest liabilities across India, amounting to Rs 881 crore.

With an average asset value of Rs 63.5 crore per MLA, Karnataka trails only Andhra Pradesh, where the average legislator owns Rs 65 crore in assets. Karnataka's political wealth surpasses Maharashtra, where the average MLA wealth stands at Rs 43.44 crore.