One in every 100 people in Spain is a millionaire

Resorts like Puerto Banús help make Spain a magnet for the super wealthy

A report by Credit Suisse has revealed that there is one millionaire for every 100 people in Spain, with the country having gained an extra 50,000 millionaires so far in 2013.

This represents a 13 per cent increase in millionaires in just 12 months – despite Spain’s ongoing economic troubles. The study, titled the Credit Suisse Global Wealth Report 2013, ranks individuals in US dollars, so there may be a few ‘faux millionaires’ when their wealth is calculated in euros, but however the figures are totted up, it is perhaps one of the starkest examples of the growing wealth disparity in Europe…

Spain’s estimated 402,000 dollar millionaires inflates the mean wealth per individual in the country to €124,000 – 60 per cent above the eurozone average. In fact, in the past 12 months, only Spain and seven other OECD countries saw their number of millionaires grow.

The reason for this burgeoning of the super wealthy is down to upward movement in the world’s stock markets, with many Spanish residents playing the market well, believes Credit Suisse.

A less scientific approach might conclude that Spain’s abundance of luxurious resorts, stunning beaches, impressive property portfolio and sublime climate also played its part in attracting foreign millionaires to its shores.

Global wealth stands at €241 trillion, which is a 4.9 per cent increase on last year. As one might expect, the USA boasts the highest proportion of super wealthy, and accounted for 72 per cent of the latest increase.