In 2016 a total of 7,489 people paid wealth tax and the number has now risen to 8.903 people. Accoridng to real estate agents the fantastic climate and relaxed way of life in the Balearics are a magnet for millionaires who have moved to the island in large numbers of recent years.
This state of affairs is clearly evident in property prices, the islands have some of the most expensive homes in the country. And it is not only homes. Island yacht clubs are full of super-yachts.
British luxury car-maker Aston Martin is considering opening an office in the islands because of the large number of vehicles on this type owned by both Spanish and foreign residents and non-residents.
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It's not just "foreigners". Plenty of Mallorquins have become quite wealthy. And if 700 grand is the baseline, I suspect the "rich" Mallorquins number in the thousands, if not 10's of thousands. The difference is that culturally, Mallorquins tend to be averse to displaying wealth. It comes from the Franco era, when if you had any money, they'd come and take it. So people had to be pretty quiet about whatever wealth they had. Most of it was completely off the books in those days anyway. Some still is. Most old Mallorquin family fincas have a large safe hidden away somewhere. Ever heard of "Banco de Familia"? Yes, that's it.
I agree with Marvin. We don't need this crap here. This sort of things just pushes the cost of living up, making it harder for the normal joe to make ends meet.
It’s this very wealthy, mostly foreign minority which is seriously distorting Mallorcans’ perception of foreigners who come to live here. We, they, us, them are seen as super wealthy and some are, but the vast majority aren’t and are probably feeling the cost of living rise here just as keenly as the locals.