Number of millionaires in Portugal will increase 49% by 2024

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Number of millionaires in Portugal will increase 49% by 2024
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Published: 31st December 2019, 11:25am

As reported by the Credit Suisse Research Institute, the number of millionaires living in Portugal will rise from the current 117.000 to 174.000 by 2024. These are people with more than one million dollars of wealth, which corresponds to about 900.0000€ coming into the country.

The expected growth, which is 49% (equivalent to an additional 57.000 millionaires) pushes Portugal to the top of countries with the highest relative growth rate, only surpassed by Poland (74%), Japan (71%), and China (55 %), making it number two for the world’s most affluent travelers.

According to the Global Wealth Report, the strong appreciation of real estate assets, including houses, explains part of the growth of millionaires in Portugal. The real estate market has appreciated practically worldwide, and Portugal, along with Colombia, Hungary and the Philippines, is in the group that has recorded “robust” growth, between 10% and 13%.

“Currently famous for the Algarve and golf, travelers are starting to wake up to how much more the country has to offer.” - said Tom Barber, co-founder of Original Travel.

Globally, and according to the same report, wealth grew 2.6% in 2018 to $360 billion. The United States of America (US), China and Europe contributed most for the global wealth.


Number of millionaires in Portugal will increase 49% by 2024

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