Spain adds 13,000 millionaires in 2025 as property and stocks drive the count
Capgemini's report reveals Spain gained 13,000 new millionaires in 2025, driven by stocks and property. But are they truly rich, or just victims of inflation?
English · Original discussion in Spanish · Published
13,000 new millionaires in Spain: the property and stock market effect
The 2026 Capgemini report has confirmed what many suspected: the number of high-net-worth individuals in Spain grew by 5.3% in 2025, reaching 259,700 people. Their combined wealth rose 7%, to 672 billion euros. Stocks did much of the heavy lifting, but there's a silent player: housing. With two ordinary flats in a mid-sized city, you're already a millionaire by the international definition (1 million dollars in assets, excluding your primary residence).
The property effect: inheriting a flat makes you a millionaire
The paradox is obvious. A resident of Madrid's Pilar neighbourhood who inherited a flat from his parents —a cashier and a housewife— could make the list. He hasn't earned any extraordinary money, but the revaluation of his home places him in that club. Property inflation has created a new class of 'rich' on paper, while real incomes stagnate. As one voice in the debate points out, two average-value homes are enough to exceed the 930,000-euro net wealth threshold.
Spain's tax agency is watching
The rise in millionaires isn't just a statistic. Spain's tax agency (Agencia Tributaria) is already gearing up to adjust cadastral valuations and, with them, the Wealth Tax bill. The underlying debate is whether these new 'rich' are genuinely wealthy or an accounting illusion used to justify tax hikes. Meanwhile, average salaries hover around 1,700 euros and the minimum wage barely reaches 1,200.
The data is stubborn: every year there are more millionaires because money is worth less, not because there is real prosperity. Inflation, with the invaluable help of monetary policy, has done the dirty work.
Related discussions in the forum
The 2026 Capgemini report has confirmed what many suspected: the number of high-net-worth individuals in Spain grew by 5.3% in 2025, reaching 259,700 people. Their combined wealth rose 7%, to 672 billion euros. Stocks did much of the heavy lifting, but there's a silent player: housing. With two ordinary flats in a mid-sized city, you're already a millionaire by the international definition (1 million dollars in assets, excluding your primary residence).
The property effect: inheriting a flat makes you a millionaire
The paradox is obvious. A resident of Madrid's Pilar neighbourhood who inherited a flat from his parents —a cashier and a housewife— could make the list. He hasn't earned any extraordinary money, but the revaluation of his home places him in that club. Property inflation has created a new class of 'rich' on paper, while real incomes stagnate. As one voice in the debate points out, two average-value homes are enough to exceed the 930,000-euro net wealth threshold.
Spain's tax agency is watching
The rise in millionaires isn't just a statistic. Spain's tax agency (Agencia Tributaria) is already gearing up to adjust cadastral valuations and, with them, the Wealth Tax bill. The underlying debate is whether these new 'rich' are genuinely wealthy or an accounting illusion used to justify tax hikes. Meanwhile, average salaries hover around 1,700 euros and the minimum wage barely reaches 1,200.
The data is stubborn: every year there are more millionaires because money is worth less, not because there is real prosperity. Inflation, with the invaluable help of monetary policy, has done the dirty work.
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Summary of a discussion on Burbuja.info - Foro de economía, actualidad y política., translated from Spanish and reviewed before publication. Read the full discussion (18 replies).
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