Portugal sees surge in ultra‑wealthy residents as tax incentives draw foreign capital

Portugal has added 725 ultra‑high‑net‑worth individuals (UHNWIs) over the past five years, a rise of roughly 50 % from 1,462 in 2021 to an estimated 2,187 by 2026, according to Knight Frank’s Prime International Residential Index. The growth is driven by foreign investors attracted by the country’s climate, safety, lifestyle and historically favorable tax schemes such as the Golden Visa and the Non‑Habitual Resident (NHR) programme, although recent reforms have limited property‑based visa routes.

A substantial share of the new UHNWIs are Portuguese entrepreneurs from sectors like footwear, textiles, glass, plastics, wood, technology and services. Helena Seruca of Banco Carregosa explained, “Someone with this level of wealth is mainly concerned with protecting their assets, tax planning and succession.” Post‑COVID private‑equity inflows and the ageing of business owners have spurred numerous company sales, further expanding personal fortunes. Bruno Minoya Perez noted that private‑equity deals “essentially mean taking a position in a company through a venture‑capital fund,” which has helped create a new generation of ultra‑wealthy entrepreneurs in Portugal.