2 Jul, 2024 @ 11:48
1 min read

Rich get richer in Spain: Number of taxpayers declaring income of more than €601,000 rises 25% compared to previous year

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SPAIN’S economy may have suffered some serious blows in recent years, from the pandemic to the ongoing cost-of-living crisis, but these factors don’t seem to have had an effect on the country’s biggest earners, whose ranks have swollen.

According to data from the Spanish Tax Agency, as reported by newspaper El Pais, 2022 saw the number of taxpayers declaring a yearly income in excess of €601,000 rise by 25% compared to the year before. 

The total number of people who fall into this tax bracket came in at 15,200, an outright record and up from 12,178 people the previous year. 

Total income in this case is based on pay from work activities but also investments and other streams such as rental from properties. 

Read more: 427 super-high earners living in Spain’s Balearic Islands pocketed over €50,000 each month in 2021

The ranks of Spain’s super-rich swelled by a record amount in 2022.

Meanwhile, the number of people in the next two brackets down also grew in 2022. 

The number of taxpayers earning between €150,000 and €601,000 rose by 17% to 144,630, according to the figures cited by El Pais, while those earning between €60,000 and €150,000 went up by 15% to 1,038,056.

For taxpayers who declared more than €12,000 of yearly income, the biggest group was those earning between €30,000 and €60,000: a total of 4,869,658 people. 

A total of 12.8 million people declared yearly income of under €21,000 in 2022. 

Simon Hunter

Simon Hunter has been living in Madrid since the year 2000 and has worked as a journalist and translator practically since he arrived. For 16 years he was at the English Edition of Spanish daily EL PAÍS, editing the site from 2014 to 2022, and is currently one of the Spain reporters at The Times. He is also a voice actor, and can be heard telling passengers to "mind the gap" on Spain's AVLO high-speed trains.

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