Spain wealth tax revenue hits record high as ultra-rich population doubles

Data from the Spanish Tax Agency reveals a significant increase in the number of ultra-wealthy individuals in Spain. Since 2013, the number of taxpayers declaring a net worth exceeding 30 million euros has more than doubled, growing from 471 individuals to 865 in 2023.

This rise in high-net-worth individuals, combined with legislative changes aimed at preventing tax exemptions in certain autonomous communities, contributed to a record wealth tax collection of 2,153.7 million euros in the 2024 fiscal year. This represents a 9.3% increase compared to the previous year.

Regionally, Galicia has seen notable growth, with the number of wealth tax declarants increasing by 5.59% to reach 9,444. Galicia leads Spain in the percentage growth of declarants. In contrast, while Madrid saw a larger absolute increase in declarants, a significantly lower proportion of its taxpayers actually pay the tax compared to Galicia or Catalonia.