21% fewer millionaires in Spain compared with last year

CREDIT SUISSE published a report on Tuesday October 13 which shows that the number of millionaires in Spain has fallen by almost a quarter over the last 12 months.

At present there are 360,000 people who are in a position to show personal assets of at least $1 million which is around €900,000. This represents a 21 per cent drop, 94,000 people, from last year.

Credit Suisse presented the snapshot of Spanish wealth in its Global Wealth Databook 2015 report and Spain is ranked number nine among countries that have lost the most millionaires in the last year.

The nations which have lost a higher number of millionaires than Spain according to the report include Japan (-681,000), France (-631,000), Germany (-392,000), Italy (-378,000), Australia (-237,000) and New Zealand (-104,000).

The US dollar’s standing is seen as a factor in the figures. Also of interest to Spain are the findings that net wealth of homes in Spain dropped by 15.5 per cent on average over the last year. The average wealth of adults in the country, however, has jumped from $64,521 (€57,608) in 2000 to $111,643 (€99,681) this year.

Lastly, Credit Suisse revealed that 55.8 per cent of people in Spain, around 20,948,000 people, label themselves middle class. The middle class in Spain account for 13.9 per cent of global middle class figures, part of Europe’s 33.1 per cent. The United States is in the lead, making up 38.8 per cent.