Millionaires in Spain have risen in number by 24% in the last year
Millionaires in Spain have risen in number by 24% in the last year
THE number of millionaires in Spain has gone up by a quarter in the last year, and the richest 10% hold over half the country's wealth, or 55.6%.
A report by international bank Crédit Suisse reveals that the total now sits at 465,000, having risen by 89,000.
Wealth was calculated in US dollars rather than euros, meaning that for the purposes of world figures a millionaire in the Eurozone is someone with assets – fixed or liquid – of 740,000 euros or more.
Within this figure, the so-called 'Ultra-High Net Worths' are defined as those with assets of at least 50 million US dollars, or about 39 million euros – in Spain, they account for 1,766 people.
Net household wealth of the top stratum in Spain rose by 15% last year – beyond the European average of 10.6% - partly due to revaluation of variable income markets and the strengthening of the euro.
Across the board, the average wealth of an adult in Spain is 135,000 US dollars, or 106,000 euros – which includes the value of their main residence net of any mortgage, and the value of any cars they own net of any as-yet unpaid hire purchase finance.
The European average wealth per adult is 145,977 dollars, or 114,935 euros – but the worldwide figure is 56,000 dollars, or 44,000 euros.
Concerning levels of unequal distribution of wealth, Crédit Suisse shows that the top 10% in Spain possess 55.6% of the country's personal assets – a figure similar to that of the UK, Australia, Canada, France, Greece, Portugal, Italy and Finland.
But the exact number has increased slightly between the years 2007 and 2014, meaning financial inequality is marginally greater than seven years ago.
Crédit Suisse forecasts that in the next five years, household wealth across the globe will increase by 40%, largely influenced by the strengthening of emerging countries such as the BRIC (Brazil, Russia, India and China).
By 2019, 10% of the world's wealth will be held in China – compared to 8% now – and in total, emerging nations will hold 21% of the world's wealth.
Despite China's soaring wealth, the USA remains top of the list with a predicted total personal assets of 114 billion dollars by 2019, although Switzerland will be the country with the highest national asset figure per capita of 581,000 dollars per adult, or 457,000 euros.
In the next five years, Crédit Suisse calculates that the number of millionaires around the world will rise by 53%, reaching 53.2 million people.
