Assets

Increase in rich taxpapers.

19-09-2018

Between 2012 and 2016, declarations by individuals with assets of over one million euros have increased in total by over 4,700 million euros. The figure in 2012 was 16,806 million; by 2016 it had risen to 21,524 million.

The declarations to the Tax Agency corresponded to 7,489 people in 2016, the last year for which the agency has figures that have been made public. The number of taxpayers in the one million-plus bracket increased from 6,410 over the five-year period - just over one thousand, therefore.

The largest rise in this group since 2012 was in 2013. The number went up from 6,410 to 6,895, while the total assets declared increased to 18,574 million. This coincided with the start of slow economic recovery, growth having been positive after a period of negative growth. Nevertheless, general economic improvement remained comparatively slow. But this did not affect the wealthiest in society. Their fortunes increased in worth far more rapidly.

In the Balearics the percentage number of individuals declaring the wealth tax was superior to that in Spain as a whole. Over the period between 2012 and 2016 there was a 14% percentage increase nationwide. However, it should be noted that the wealth tax is not universal. In the Madrid region, for example, there isn't one. Regions also apply different criteria. In the Balearics, the one million comprises a minimum asset base of 700,000 euros plus 300,000 euros minimum value for a normal place of residence.

The average declaration in the Balearics in 2016 was 2.8 million euros. The national average was 3.2 million.