Recent data from the Capgemini Research Institute reveals an interesting phenomenon: the number of millionaires in Spain decreased between 2023 and 2024, while the total wealth in the country simultaneously increased. This development raises questions and highlights the dynamics of wealth distribution in a changing global economic climate.
Spain’s Millionaires in Reverse: A Closer Look at the Figures
According to the Capgemini Research Institute’s Global Wealth Report 2025, Spain saw a decline in high-net-worth individuals (HNWIs) from 250,600 in 2023 to 246,600 in 2024. This represents a relative decrease of 1.6%. It’s important to note that, according to the report’s methodology, HNWIs are individuals with investable assets of $1 million or more, excluding their primary residence, collectibles, and consumables. This means that currently, 246,600 people in Spain possess such investable wealth.
Despite this drop in the number of millionaires, the value of total wealth in Spain increased by approximately 1% in 2024, reaching an impressive $733,550 million (equivalent to about €644,696 million). This apparent discrepancy suggests that existing wealthy individuals are consolidating their assets or that the increase primarily occurs in the higher wealth categories.
Global Trends in Comparison: Spain in an International Context
The figures from Spain contrast with global developments. Globally, total wealth increased by 4.2% in 2024. North America, in particular, saw the largest increase in millionaires, with a 7.3% gain, while South America experienced a significant decline of 8.5%. Other regions like Europe and the Middle East also saw a decrease in the number of wealthy individuals, by 2.1% each.
Despite the decline, Spain remains stable at 15th place in the ranking of the 25 countries with the highest millionaire population, underlining its position as an important economic power.
The Role of Ultra-HNWIs and Alternative Investments
The Global Wealth Report 2025 indicates that the global increase in HNWIs in 2024 by 2.6% is mainly due to the growth of “ultra-high-net-worth individuals” (Ultra-HNWIs with $30 million or more). This category grew by 6.2%, which Capgemini attributes to the stock market rally and optimism regarding artificial intelligence, which boosted portfolio profitability.
A notable trend is also the consolidation of alternative investments such as venture capital and cryptocurrencies in the portfolios of wealthy individuals. These now account for 15% of the total volume, reflecting the diversification of investment strategies.
Europe in Transition: Fewer Millionaires, More Ultra-Rich
An interesting phenomenon in Europe is the loss of millionaires while the number of ultra-rich increases. Countries like the United Kingdom, France, and Germany recorded a loss of 14,000, 21,000, and 41,000 millionaires respectively in 2024. In contrast, the European population of ultra-millionaires increased by 3.5%. This could indicate an increasing concentration of wealth at the top.
International Leaders and Asian Dynamics
The United States continues to lead the list of countries with the highest number of millionaires, with an impressive 562,000 millionaires. In the Asia-Pacific region, India and Japan stood out, both countries recording 5.6% growth and adding 20,000 and 210,000 millionaires, respectively. China, on the other hand, showed negative growth with a 1% decrease in millionaires.
These global developments show that the dynamics of wealth creation and distribution are shaped by regional specifics and global trends. Spain’s situation, with a decrease in the number of millionaires coupled with wealth growth, is a reflection of this complex reality.
