Spain wealth gap widens compared to European average

The wealth gap between the Spanish middle class and the rest of Europe has doubled since the pandemic. While Spanish wealth was within 3% of the continental average in 2019, citizens are now 8% poorer than their European peers.

According to European Central Bank statistics, the net wealth per inhabitant in Spain is approximately 175,000 euros. Although this represents a 29% increase since before the COVID-19 pandemic, it lags significantly behind the 37% growth recorded across the eurozone. This disparity places Spain 15th in the community ranking.

The stagnation is attributed to stagnant real wages and a sharp rise in the cost of living. Renters have been particularly affected; their wealth has grown by only 15% since 2019, failing to keep pace with 25% accumulated inflation. Similarly, the middle class (the third income quintile) saw a 21% increase in wealth, compared to a 32% increase in the eurozone.

While the wealthiest 20% in Spain saw their per capita fortune rise by 30% to over 570,000 euros, they still trail the 37% growth rate seen among large fortunes elsewhere in Europe. Conversely, lower-income Spaniards maintain a positive net wealth of approximately 1,000 euros, whereas the European average for this segment is a net debt of 2,000 euros.