THE number of millionaires in Spain has more than doubled since the start of the economic crisis, startling new figures reveal.
In fact the recession has been astonishingly beneficial to the most financially privileged sector of society, with Spain’s rich list growing by 76% since 2008.
According to consultancy firm Capgemini, the figures have shot up from 127,100 high net worth individuals to 224,200 in 2017 with the largest increase – 10.8% or 22,100 people – last year alone. The figures surpass not only the European average of 7.3% growth but also the worldwide average of 10.6%.
To be considered a millionaire, you have to possess at least one million euros of disposable income, not including your habitual residence or high value items like artworks.
Spain is now listed 14th country in the world for millionaires, but with an ever-widening wealth divide. In strong contrast, 14.9% of Spain’s citizens still live below the poverty line, according to the OECD (Organisation for Economic Cooperation and Development).