Over the past year, the number of millionaires in Spain has risen by more than 5 percent. A total of 13,100 wealthy individuals joined the ranks, meaning the country now counts 259,700 residents with a liquid net worth of at least one million dollars. This specifically concerns investable assets; personal assets such as primary residences and vehicles have been excluded from this calculation. This is shown by the most recent World Wealth Report, whose data was widely covered in Spain by media outlets such as Telemadrid and economic analysts. Not only did the size of the group increase, but their collective capital also rose by 6.7 percent to a record high of over 672 billion euros. Furthermore, within this group is a growing core of so-called 'ultra-wealthy' individuals: people with an investment capacity exceeding 30 million dollars.

The three engines behind wealth growth 

Financial experts point to three clear macroeconomic pillars that facilitated this strong growth: High-performing stock markets: The stock exchanges showed solid returns over the past year, generating direct profits for large investment portfolios. A healthy banking sector: Spanish banks stood strong financially and benefited, among other things, from interest rates. The real estate boom: The continuous increase in property values acted as a flywheel for already existing capital. The report also exposes a structural trend: even in years when the total number of millionaires drops slightly due to economic fluctuations, the absolute top often manages to increase its collective wealth regardless. This phenomenon of capital concentration has led to the number of Spanish ultra-wealthy doubling within a decade.

Established names and the lack of innovation 

The absolute top of the Spanish wealth ranking, traditionally led by the Forbes list, remains the domain of established family fortunes. The fashion, retail, infrastructure, and banking sectors have dominated this dynamic for decades. Unchallenged at the top is Amancio Ortega, the founder of the Inditex fashion group behind brands like Zara. Recent billionaire reports reveal the lopsided distribution within this elite: although Spain recently gained eight new billionaires, Ortega alone still owns more than half of the total wealth of the entire Spanish billionaire club. Strikingly, compared to other Western economies, young tech entrepreneurs are virtually non-existent in the highest ranks. While new digital platforms disrupt the status quo in Anglo-Saxon countries and parts of Northern Europe, Spanish wealth remains concentrated within traditional structures instead of spreading through innovation.

The downside: growing wealth inequality These records at the top stand in sharp contrast to the daily reality of the average Spanish citizen. While the elite's capital grows, a large part of the population struggles with inflation and stagnant purchasing power. Finding room to save has become a utopia for many. The main catalyst for this gap is the housing market. Last year, Spain recorded its sharpest rise in property prices in twenty years, an increase that was well over double the European average. The same price increases that pad the balances of real estate investors push starters, young people, and middle-income earners further away from the possibility of buying their own home.

Relevance for Belgian and Dutch buyers 

For Dutch and Belgian nationals considering emigrating to Spain, or those looking for a second home, this economic dynamic is of vital importance. The real estate boom that feeds local millionaires directly impacts the wallet of the foreign buyer. Prices in the popular coastal regions (the Costas) and in economic centers such as Madrid and Barcelona have risen sharply in recent years. Analysts expect this upward trend to continue for the time being, supported by strong national economic performance. Those entering the market now pay significantly more than a few years ago. Within Europe, Spain positions itself as one of the countries with the most powerful growth in large fortunes, though that economic medal has a clear downside for the accessibility of the local market.