Share of wealthy individuals paying the wealth tax in Spain 2011-2019
The share of ultra high net worth individuals (those who have above 30 million euros in assets) subjected to the wealth tax (Patrimonio) in Spain has been decreasing gradually since 2011. In 2019, 34.2 percent of UHNWIs paid the wealth tax, nearly 15 percent less than at the beginning of the analyzed period. The Community of Madrid is the only region in the Mediterranean country which offers a tax relief of 100%, meaning that no resident in this region has to pay any wealth taxes. It is therefore a common way for affluent individuals to avoid wealth taxes.
