Portugal gains 31,000 new millionaires in two years

 In News, Wealth

Some Portuguese are richer than they were 10 years ago. According to data divulged on Tuesday by UBS in its Global Wealth Report 2023, each adult Portuguese on average had €66,015 at the end of 2023, almost double that of 2012 (€34,725) and 2.89% more than in 2021.

This means a total fortune of €149,000 in 2022. (76% more than in 2012). Sustaining this growth in patrimony last year, most of it concentrated in bricks and mortar, are real estate assets which, according to UBS, like in the rest of the world “has remained resilient despite the rapid increase in interest rates”.
Moreover, the UBS analysts reveal that at the end of 2022 the number of Portuguese with a fortune of over €1 million exceeded 166,000, the equivalent of 2% of the adult population. The number is 23% higher than the number of millionaires registered at the end of 2020, or 31,000 new fortunes; and 8,700 more millionaires than in 2021.
And within this group of millionaires, the Global Wealth Report 2023 identified 108 Portuguese with ultra-high fortunes (over US$50 million), with 9 having fortunes of over US$500 million (€470 million).