SPAIN now has 1,147,000 millionaires according to Credit Suisse. Following current trends, this number will rise up to between 1,800,000 and 2,000,000 by 2025; this is a massive increase of 57%.
Yet compared to other western European countries, Spain is lagging behind slightly in its number of the very wealthy.
France and the UK both have more than 2,460,000 millionaires each, despite having populations of only a little over a third more than Spain. Indeed, the number of French and British millionaires each make up 4% of their country’s population and 5% of the world’s millionaires.
Whereas, Spanish millionaires make up 2% of the country’s population and 2% of the global number of millionaires.
While the ratio of millionaires in the world and in their country is very consistent in western europe, this is not the case with the United States.
Some 8.8% of the United State’s population are millionaires. However, they make up 39% of all millionaires globally. This enormous ratio difference indicates a high concentration of wealth within a small group of people.
This same concentration of wealth can also be seen in small nations across the world. Singapore has 4.4 billionaires per million people, whereas the UK, France and Spain have between 0.5 and 0.67.
Andorra is 32nd in the world for GDP per capita (according to the UN), while Spain is down at 43rd. This is partly due to its popularity with the wealthy as its highest income tax band sits at 10%. A host of successful Spanish youtubers and personalities have moved there in recent years.
Yet, it is Gibraltar’s wealth which is the most striking, in terms of GDP per capita. In 2016, according to the local government, the GDP per capita of Gibraltar was $92,843 (USD). Without even factoring in inflation, this would place the Rock in the top 10 countries in the world for GDP per capita.