How much money do you need to be part of Spain’s 1 percent?
We hear a lot in politics about the '1 percent', though most don't realise how much money you actually need to be part of this elite group of millionaires. Here's how Spain compares to the rest of the world when it comes to the uber-wealthy.
According to data from UBS' Global Wealth Report 2023, there are 1,135 million people in Spain who could be considered millionaires, taking into account all their assets including cash, investments and property.
That means that Spain has around 2 percent of the world's total millionaires (as per UBS' data using 2022 figures). For context, the UK and Germany each have 4 percent shares, France has 5 percent, and the U.S. a whopping 38 percent of the millionaires around the globe.
However, being a millionaire is one thing, and being in the ultra-rich bracket is another thing -- something often referred to in political discourse as the '1 percent'.
READ ALSO: How Spain's new millionaire tax will affect wealthy foreigners
But how much money do you actually need to have to be a member of the 1 percent?
According to The Wealth Report produced by Knight Frank estate agents, the data shows that a person in the U.S. would need a minimum of $5.81 million to be considered part of the top 1 percent, for example.
In Monaco, a net worth of $12.88 million is required to be part of the 1 percent, closely followed by Luxembourg ($10.83 million) and Switzerland ($8.5 million).
What about in Spain? Well, the bar is a little lower. In order to join the 1 percent in Spain, you'd need a net worth of $2.46 million dollars to be part of that exclusive club.
READ ALSO: What's considered a decent salary in Spain?
Comparing Spain to countries such as Luxembourg and Switzerland isn't really useful, so for context, Spain is on the lower end of the rankings in terms of its bigger, more comparable European neighbours.
In Sweden, $4.76 million is needed to join the 1 percent. In Germany it would be $3.43 million; France $3.27 million; and Italy $2.54 million, meaning it's slightly more difficult to get into the 1 percent in Spain's Mediterranean neighbour than it is in Spain.
But there are levels of wealth, of course. Though in a time of inflation and lingering economic stagnation it might not feel like it, but it's actually far easier to become a member of the 1 percent (in Spain or anywhere in the world) than it would be to become part of the super rich.
In the financial world, these sorts of people are often known as UHNWI (Ultra High Net Worth Individuals) and are people who have a net worth of $30 million or more.
There are currently some 627,000 people in this category around the world. Knight Frank's Wealth Sizing Model estimates that there are 10,149 UHNWI people in Spain.
Interestingly, despite the threshold to be part of the 1 percent in Spain being roughly half of that in Sweden, Spain boasts far more UHNWIs than the Scandinavian country (4,125) and isn't far behind Switzerland (14,734). It is some way behind the UK (23,072), and France (24,941) however.
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According to data from UBS' Global Wealth Report 2023, there are 1,135 million people in Spain who could be considered millionaires, taking into account all their assets including cash, investments and property.
That means that Spain has around 2 percent of the world's total millionaires (as per UBS' data using 2022 figures). For context, the UK and Germany each have 4 percent shares, France has 5 percent, and the U.S. a whopping 38 percent of the millionaires around the globe.
However, being a millionaire is one thing, and being in the ultra-rich bracket is another thing -- something often referred to in political discourse as the '1 percent'.
READ ALSO: How Spain's new millionaire tax will affect wealthy foreigners
But how much money do you actually need to have to be a member of the 1 percent?
According to The Wealth Report produced by Knight Frank estate agents, the data shows that a person in the U.S. would need a minimum of $5.81 million to be considered part of the top 1 percent, for example.
In Monaco, a net worth of $12.88 million is required to be part of the 1 percent, closely followed by Luxembourg ($10.83 million) and Switzerland ($8.5 million).
What about in Spain? Well, the bar is a little lower. In order to join the 1 percent in Spain, you'd need a net worth of $2.46 million dollars to be part of that exclusive club.
READ ALSO: What's considered a decent salary in Spain?
Comparing Spain to countries such as Luxembourg and Switzerland isn't really useful, so for context, Spain is on the lower end of the rankings in terms of its bigger, more comparable European neighbours.
In Sweden, $4.76 million is needed to join the 1 percent. In Germany it would be $3.43 million; France $3.27 million; and Italy $2.54 million, meaning it's slightly more difficult to get into the 1 percent in Spain's Mediterranean neighbour than it is in Spain.
But there are levels of wealth, of course. Though in a time of inflation and lingering economic stagnation it might not feel like it, but it's actually far easier to become a member of the 1 percent (in Spain or anywhere in the world) than it would be to become part of the super rich.
In the financial world, these sorts of people are often known as UHNWI (Ultra High Net Worth Individuals) and are people who have a net worth of $30 million or more.
There are currently some 627,000 people in this category around the world. Knight Frank's Wealth Sizing Model estimates that there are 10,149 UHNWI people in Spain.
Interestingly, despite the threshold to be part of the 1 percent in Spain being roughly half of that in Sweden, Spain boasts far more UHNWIs than the Scandinavian country (4,125) and isn't far behind Switzerland (14,734). It is some way behind the UK (23,072), and France (24,941) however.
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