The latest data from the Tax Agency show that the Spanish state has never had so many ultrarich citizens. Inflation, soaring rents, stagnant salaries and job insecurity do not affect the highest incomes, which have risen 25%, setting a new record.

The number of citizens with an annual income of over 601,000 euros has increased by 25% to 15,200 individuals, a record figure that exceeds the 12,200 achieved in 2021. These are the figures from the latest report on personal income tax returns for the 2022 tax year published this month by the Tax Agency.

Although this data only amounts to 0.07% of the total number of IRPF filers since the start of the economic crisis in 2007, the number of taxpayers who have declared incomes of over 601,000 euros has grown by 43.5% from the 10,580 individuals who earned this income more than a decade ago.

This reality is far removed from most taxpayers, 21.27% or 4.9 million of whom declared between 30,000 and 60,000 euros per year, and a further 4.8 million declared incomes of between 12,000 and 21,000 euros (21.02% of the total).

On the other side of the coin, we find 1.4 million taxpayers (6.18% of the total) who were in the lowest bracket, between 0 and 1,500 euros for the whole year, while a total of 1.2 million tax returns, 5.61% of the total, were 0% or negative, and this includes recipients of the Minimum Living Income (IMV).

Large fortunes grow by 5.6%

According to Capgemini Research Institute’s World Wealth Report 2024 released last Friday, the number of high-net-worth individuals and their capital rose to record levels last year, driven by a recovery in the global economic outlook.

Specifically, the study looks at the number of people in the world who have at least $1 million in investable assets, excluding their primary residence and collectables. In total, their wealth has increased by 4.7% globally, to 86.8 trillion dollars.

In the case of Spain, 250,600 people enjoy a high net worth, 5.6% more than in 2022, placing Spain in 15th place out of 25 in the ranking of countries by millionaire population. These statistics confirm that despite the economic turbulence, there are more and more rich people than ever before and that the wealth gap between social classes keeps increasing.

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