Number of super-rich in Spain grows 74% since reintroduction of wealth tax
Figures show the ultra-wealthy have benefited more from the economic recovery than other citizens
Spain¡¯s super-rich population has grown 74% since wealth tax was reintroduced in 2011, in the middle of the economic recession.
Figures for 2017 released by Spanish tax authorities show that 611 taxpayers declared net assets of €30 million or more. In 2011 that number was 352.
There are huge regional disparities: in Madrid, the super-rich pay nothing in wealth tax
The number of citizens who declared property worth more than €1.5 million grew 35% for a total of 60,337 individuals.
The Spanish Tax Agency¡¯s statistics show that the ultra-wealthy have benefited from the economic recovery to a greater extent than other citizens.
The levy is controversial, and Spain is one of the few remaining countries that still taxes an individual¡¯s net assets (if these are in excess of €700,000) on top of income or capital gains. While it is a state levy, it has been devolved to the regions, leading to huge disparities depending on one¡¯s tax residence.
The Madrid region, for instance, has a 100% allowance, meaning that its super-rich population has to pay nothing in wealth tax. This deprives the regional government of €955.6 million a year. Catalonia, which does collect the wealth tax, makes €498.5 million annually.
The tax agency¡¯s statistics for 2015 show that there were 71 people worth more than €100 million that year
Part of the reason why the super-rich population has grown so much is the fact that in 2012, the government of Mariano Rajoy, of the Popular Party (PP), introduced a tax amnesty that uncovered €40 billion that had been going undeclared until then.
The following year, the government approved a tax form known as Modelo 720 that forced individuals to declare their international assets or face a stiff fine. This uncovered €156 billion in assets that Spanish residents were keeping abroad.
The tax agency¡¯s statistics for 2015 show that there were 71 people worth more than €100 million that year, including athletes, artists, business leaders and the heirs of Spain¡¯s wealthiest families.
English version by Susana Urra.
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