EIGHTY-NINE THOUSAND lucky people in Spain became dollar millionaires in the last year, bringing the total number of mega-rich in the country to 465,000. Despite the country’s ongoing economic woes and high unemployment rate, those with a net worth of more than one million dollars (€740,000) increased by 24 per cent during the first six months of 2014 compared with the same period last year.
And within this exclusive millionaires club lies an even more exclusive club: of the 465,000 millionaires in Spain, 1,766 of them are worth more than a whopping 50 million dollars (€39 million). According to the Credit Suisse Global Wealth Report 2014, the top 10 per cent wealthiest people in the country own over half the total wealth.
Spain sits tenth in a list of countries that saw the largest increases in the number of people worth over one million dollars. The global financial services giant has put the increase down to an improvement in the euro/dollar exchange rate and as a result of equity market movements.
Whilst the news is no doubt satisfying for the lucky 24 per cent, it will be of little comfort to the nearly 25 per cent of people currently unemployed in Spain.