Economy of Mallorca: Mega-wages in the Balearic Islands

The majority of the inhabitants of the Balearic Islands earn between 12,000 and 21,000 euros, but a percentage of residents earn more than 50,000 per month.

In 2019, a total of 370 Balearic residents declared a annual income over 600,000 euros, which equates to a super salary of over 50,000 euros per month.

The personal income tax returns for 2019 published by the Fiscal Agency show that these 370 people earn more in a month than the other 522,982 residents of the Balearic Islands in a year.

The identities of the super employees have not been revealed, but the list will likely include executives of hotels, tourism companies, elite athletes, lawyers and architects.

The Balearics & Catalonia

The Balearic Islands and Catalonia have the second highest mega-wage rate after Madrid in terms of percentage.

In 2019, there were 5,448 residents in Spain earning a salary of more than 50,000 euros per month, ie 0.16% of all declarations submitted to the Treasury.

Senior executives in the Balearic Islands and Catalonia, earning more than 600,000 euros per year, represent 0.07% of the total declarations submitted.

There are 370 super employees in the Balearic Islands against 2,624 in Catalonia, which has a much larger population.

Those with a lower percentage of super-wages are Castilla-La Mancha and Extremadura, with 0.1% reporting this income.

Two other communities that are above average are the Valencian Community and La Rioja with 0.04% super income.

In addition to these 370 best paid employees in the Balearic Islands, there are also 3,934 employees who receive a salary of between 150,000 and 600,000 euros, which represents 0.71% of the total declarations.

Also in the category of unpaid wages are those who earn Between 60,000 and 150,000 euros per year.

The figure is already more abundant with a total of 23,605 declaring 4.28% of all reports made in 2019.