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March 12, 2015

More than 3,500 ultra-rich have chosen Spain for their residence

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To be precise, the 3.538 millionaires with the fortune of 30,000,000 dollars have chosen in 2014 Spain as their residence.

Ultra rich or as they are called in the English-speaking world, ultra high net worth individuals – UNHWIs), who chose to live in Spain. About a thousand of them have established their permanent residence in Madrid or Barcelona. The remaining are spread throughout Spain.

These data were presented in the report Wealth Report 2015, presented in Madrid and made by the Real Estate Corporation Knight Frank, which shows that this number, despite the crisis, has increased in recent years and will increase dramatically in the future.  “Madrid and Barcelona ​​together account for 982 of big fortunes, which is 14 people more than last year, while throughout Spain we can talk about 63 ultra-rich more than a year ago, and thus the clear trend of increase is continued that also contributed to the rise in prices for luxury residential real estate,"- said Humphrey White, the managing partner of Capital Markets of Knight Frank.

In fact, although in the past year, a registered increase was only 2%, in the last decade the number of ultra-rich people in Spain increased by 38%. In 2004 there were about 2,500 people living permanently in Spain, while for 2024 it is expected that this figure will be closer to 4,400.

 Thus, with the number of 544 of ultra-rich people, Madrid is the ninth European city with the highest concentration of large fortunes, ahead of Munich, Stockholm and Oslo. While Barcelona with 438 ultra-rich people  stands on the place 15.

Although it is not stated in the report, referring to the super-rich people in Spain, the first name that inevitably comes to mind, is of course, Amancio Ortega, with assets of 64,500 billion dollars, according to Forbes. This figure is undoubtedly much higher than required for entry into the exclusive club of the ultra-rich people, which is about 30 million dollars.

Among the ultra rich people, there are also different levels of wealth. For example, the number of ultra-rich with a fortune of several hundred million dollars is barely more than five hundred people from a total of 3.538, although Knight Frank expects that this figure will increase significantly over the next decade, almost to 700 persons. But the figure is reduced even more in the case of billionaires. That is, those ultra rich, whose assets total more than 1,000 million dollars. Only 22 of them lived in Spain in 2014 and 27 will do so in 2024.

In addition to the Amancio Ortega, in this list may be included his daughter Sandra Ortega, who increased their wealth last year to 6.300 million; Juan Miguel Villar Mir, with 5.700 million dollars and Juan Roig with a fortune of 5,400 million dollars, according to the authoritative magazine Forbes.

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