A TOTAL of 427 people residing in the Balearic Islands declared salaries in 2021 that exceeded €50,000 month.

It means that the fortunate group earn in one month the same or better than the vast majority of Balearic citizens get throughout the year.

The numbers come from the Statistics of Income Statements for the year 2021 which have been published by the Tax Agency- the latest year that individual data splits are available.

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The elite group accounts for 0.07% of total tax declarations in the islands and include sports stars like Rafa Nadal and senior company executives.

The percentage is slightly higher than the Spanish average which is 0.06%.

They will also benefit from the recently announced 0.25% tax cut announced by the Balearic Government for those who earn over €30,000 per annum.

The Tax Agency figures for 2021 show that the number of people earning above €600,000 per annum grew by 53% compared to the previous year.

That leap is accounted for by the start of the Covid pandemic which caused a general decrease in salaries due to the economic slowdown, and in fact there were more high earners in 2019 compared to 2020.

For mere mortals the main salary for Balearics residents in 2021 was between €12,000 and €21,000 while 20.5% of people declared salaries of over €50,000 per annum.

In contrast to the 427 super-rich, there were 198,343 people who had annual incomes of below €12,000.

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