10 Oct, 2013 @ 18:30
1 min read

New millionaires emerge despite Spanish economic woe

Business millionaires

THE number of millionaires in Spain has increased 13% over the past 12 months, despite the country being mired in its worst recession in history.

A total 47,000 Spaniards became millionaires in 2012 and the country is now home to 402,000 high net worth individuals, up from 355,000 in 2011, according to Swiss bank Credit Suisse.

The research also revealed Spain was one of only ten countries to register a total wealth increase of over $200 billion in the year to June 2013.

This increase relates to financial and non-financial assets and is being attributed to both a favourable dollar-euro exchange rate and a stock market recovery.

The report said: “It may seem strange that the euro zone acquired so many new millionaires last year, most notably in France, Germany, Italy, Spain and Belgium, but this simply compensates in part for the big drop in millionaire numbers experienced a year ago.”

The US saw the biggest surge new millionaires, 13 million, followed by Japan. Spain’s increase secured it the eighth spot in the league.

At the lower end of the scale there were 1.066 billion people with an annual income of between $10,000 and $100,000, while 69 percent of the world’s population, 3.2 billion, had income of under $10,000 a year

Will we see even more millionaires created over the next 12 months? Business owners are certainly feeling optimistic…

Claire Wilson

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  1. I wonder how many are Spanish? Compared to our East European cousin’s. From what I have seen around Le Corte Ingles most are of Russian appearance or am I just biased

  2. I Must say after residing in Spain for 20 years, 2013 has been one of my most prosperous here.
    After bad treatment from the powers that be here (Hacienda, Social Security) in the years 2010/2011 i decided to open an offshore account and do all my business out of the country.
    From 1993 to 2011 i worked as an employer and employee, believing it to be a luxury to live here, i was sure to keep on top of all my taxes, Iva and social security.
    In 2009 i closed a business, went to hacienda to inform them, they proceeded to send me facturas and documents to the closed business address, after a year i finally received and embargo on my property, when i went to the hacienda to follow up what had gone on, they just said i should of told them i had closed the business, So i was shocked to say the least, especially as it was the same person from the previous year who i had told the business was closed, After all i was still living in the same property all along and had the same NIE number, and they could not find me, they just said it was my problem and not there.
    In 2012 i was about to open a new business with a large rebate due to me from the hacienda. they decided 3 weeks before i was due the funds to tell me that they were keeping the funds, although it was still my money and will come off my future payments when i go back to work.
    So i did go back to work, did open the new business last year, except the business address is offshore as are the accounts. (all tax free)
    So hacienda, social, is it my problem or yours ??
    Well its defiantly not mine. You can keep my money and keep your money, i will keep all my money from now on and give nothing back to the system.
    You were happy to take from me for 18 years, when it came to my turn you told me where to go..
    well now you know where to go..
    I am one very happy on the way to being millionaire. and i am sorry to say Spain will not be seeing any of my taxes or social.
    And as for Medical cover, Private health care with sanitas is 10 fold better than the social, at a fraction of the price.
    I Hope all the millionaires here as just as sensible to keep the money they have in a place will it will be going to a good cause… Themselves !!!

  3. Markie, your experience sounds about normal for an entrepreneur getting started in Spain, however it would have saved you a bit of hassle if you had hired a gestor (or other tax specialist) to do your tax affairs. Did you?

    Btw, if you are residing in Spain, then you must surely know that the new laws passed just this year require you to declare all your world-wide (including offshore) assets. If you are non-resident then this does not apply, but of course non-residents have totally different tax requirements.

  4. Hola fred..
    yes i did indeed hire i gestor, my mistake was just telling him about 3 months before i knew i was closing my business that i no longer required her services. my way of thinking was just to go myself to the hacienda to wrap things up, which i did. The unbelievable thing was that they sent all letters to the closed down business after i had already told them it was now closed, non existent. But still i was in the wrong a year later and was responsible for the bills, and the fines on top. I had indeed done this before, this time my downfall was having premises.
    As far as offshore goes, i do have a Spanish residency and there is a good way round this. have a company offshore in one country, with the beneficiary in another country and the bank account in another country. from the main account have at least 10 other personal accounts, as long as you physically take it from the main account and pass it on to the smaller accounts then you are clean, and of course to be sure no more than 50.000 in any one account, on top of that don’t spent more than 183 days in Spain (officially) then you are not liable for declarations offshore. My father is English, my mother Swedish, and my wife is Russian, very easy to move yourself around for living.
    So having 2 different passports helps to travel in and out.

  5. Hmm Markie, sounds risky. I know that Hacienda are scrutinishing dual passport holders, since they can move money around more easily. If you are not the direct benificiary of the funds then it looks like you are relying on trust alone.

    One can do exactly the same thing by placing your overseas money in a friend/relatives/parents name. As long as they are trustworthy and will send you money when required (i.e. give you online banking access) then you can escape the new rules very simply. With trust, any financial law can be bypassed. I know of a few people with large businesses here in Spain who do this.

    Assuming you are paying all of your local taxes in Spain, which we all must do in order to keep local services running, then I wish you luck, since in my opinion it is none of Spain’s business what money you have overseas. Btw, have you asked Hacienda if your scheme is legal? lol

  6. On a separate thread, LLanito “wondered where all the money went”. Perhaps this is part of the answer. Money defies gravity. It sure doesn’t trickle down.

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