Lorraine Williamson
New data reveals that both average and median net worth levels have increased, with Spain outpacing countries such as Italy, Japan, and Finland in overall adult wealth.
The UBS Global Wealth Report 2024 shows the average net worth per adult in Spain rose by 3.6% last year, reaching €202,651. The rise reflects a broader shift in the nation’s financial landscape, where gains are being seen not only at the top but also across middle-income households.
Spain surpasses global peers in median wealth
Of particular note is the sharp jump in median wealth, which rose by 13.5% to €109,493. This figure represents the net worth of the ‘middle’ adult — the point at which half of the population owns more, and half less.
This stronger growth in the median than in the average suggests wealth in Spain is becoming more evenly distributed. It also pushed Spain up two places in the global rankings to 13th place — a notable position considering global economic headwinds.
Spain now among top countries for wealth equality
Measured by the Gini coefficient — a key indicator of economic inequality — Spain scores 0.56, placing it among the countries with a relatively balanced distribution of income and wealth. Only a handful of nations, such as Slovakia, Belgium, and Japan, report lower inequality.
While the Gini score does not eliminate concerns about poverty or housing access, it does underline Spain’s broader success in preventing extreme wealth gaps, especially when compared to global powers like the US.
Millionaire numbers creep up
Spain is also seeing a rise in the number of dollar millionaires, with 1.2 million adults now falling into that category. That marks a slight increase year-on-year and nudges Spain above Switzerland to secure 12th place worldwide.
Yet this growth pales in comparison to the United States, which added 379,000 new millionaires in a single year — more than 1,000 each day. The US continues to dominate global wealth rankings, with nearly 24 million millionaires, representing close to 40% of the global total.
Western Europe still rich — but growing slowly
The report highlights a regional divide. In Western Europe, average adult wealth stood at €249,424, but the region posted a sluggish 0.44% growth in 2024 — far behind North America, where asset values soared by 11%, largely thanks to robust financial markets and a resilient US dollar.
Within Europe, the picture is far from uniform. Countries like Denmark, Sweden, Ireland, Poland, and Croatia reported double-digit increases in net worth, signalling a surge in capital accumulation across Northern and Eastern Europe.
A shifting wealth landscape
UBS notes that the global wealth picture is being reshaped not just by market performance, but also by demographic changes and shifting investment behaviour. Long-term investment strategies, the real estate market, and the influence of women in wealth management are increasingly shaping financial trends.
The report concludes that as wealth continues to change hands and evolve, its distribution and mobility will play a key role in shaping both economic resilience and social cohesion.
Greater financial security
With household wealth on the rise and income more evenly spread, Spain finds itself in a relatively strong position compared to many of its neighbours. As the country continues to navigate inflation, housing costs, and generational wealth shifts, the real test will be ensuring these gains translate into greater financial security for all — not just headline figures.
Source: www.forbes.es