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Wealth of ‘super-rich’ drops
ACCORDING to Knight Frank’s Wealth Report, the population of individuals with an ultrahigh net worth (more than $30 million dollars or €27.73 million) in Spain witnessed a significant decline of 11.5 per cent in 2022 compared to the previous year.
With the overall global fall being 3.8 per cent, Spain hasn’t faired too well on the world stage. The decline follows a recordbreaking growth of the ultra rich in 2021 when their numbers surged by 9.3 per cent. With 2021 possibly an anomalous year, this would make last year’s fall less stark.
Knight Frank, the renowned real estate consultancy based in London, highlights the minimum wealth required to enter the exclusive ‘1 per cent’ club of the richest individuals varies across countries. In the case of Spain, one must possess at least €2.3 million to join this esteemed group of superrich.
The report further reveals that the overall wealth of the ultra highnetworth population also experienced a notable 10 per cent decline last year.
According to Knight Frank, Spanish investors typically make one time investments ranging between €15 and €25 million. Madrid offers relatively lower prices compared to other European cities, while also displaying future potential for rental growth.
