Spain: millionaires on the rise amid recession

Gap between richest and poorest growing

10 October, 13:56

    People protest in Oviedo where the Prince of Asturias Awards ceremony was held in time of crisis (archive, 2012). People protest in Oviedo where the Prince of Asturias Awards ceremony was held in time of crisis (archive, 2012).

    (by Paola Del Vecchio) (ANSAmed) - MADRID - In spite of the recession and financial crisis, the number of people in Spain whose assets are estimated to reach or top one million dollars - approximately 740,000 euros - are increasing, according to the latest report drafted by Credit Suisse. Their number has in fact risen from 335,000 people in mid 2012 to 402,000 mid 2013, according to the bank which is specialized in managing big estates.

    The report found that Spain ranked eighth among countries where the number of wealthy residents has increased, by about 13% on annual basis. Stock market investments by Spanish nationals have also increased in the same period by 16.2%.

    The report highlighted that even amid a major crisis, Spain continues to be among countries with the highest levels of income - over 123,000 dollars per adult, according to Credit Suisse.

    Though big properties have reportedly withstood the crisis, salaried workers in Spain are seeing their income progressively decrease as the gap between the richest and poorest is growing.

    Employees' salaries have gone down 5% over the past year, according to national statistics' institute Ine with the average gross salary just over 15,500 euros a year.

    On the other hand CEOs at companies listed on the stock market in the Ibex 35 index have average salaries of over 562,000 euros a year, according to Ine. Moreover 24,000 Spanish nationals have estates estimated between five and 10 million euros while 12,500 are just one step away from being listed among the wealthiest. People with estates between 50 and 100 million (829 people) are fewer and even fewer are those estimated to be worth between 100 and 500 million (426). Only 35 are millionaires worth between 500 million and one billion while 16 were listed as multimillionaires. (ANSAmed)

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