Economy of Mallorca: Millionaires of the Balearic Islands

More than 8,000 taxpayers in the Balearic Islands have an asset of one million euros, according to figures from the Tax Agency for 2019.

8,127 declared assets of more than 26,000 million and the average amount rose to 3.24 million, from nearly 3.1 million a year earlier. The Balearics now have the 5th highest average equity in Spainbehind Madrid with 19.2 million, Galicia with 5.9 million, Murcia with 3.5 million and the Canary Islands with 3.5 million.

Collection

7,814 citizens paid a total of 74.5 million to the Tax Agency, which represents 4.5% of the total amount of wealth tax paid in Spain.

The tax rate varies from 0.28% to 3.45% and the amount due varies according to income; the higher the equity, the higher the tax bill. The Balearic Islands are the second most expensive autonomy if the declared heritage exceeds 10.9 million.

Most of the items reported by citizens of the Balearic Islands have increased over the years, although their weight remains more or less stable.

66.6% of the total capital corresponds to movable capital, such as stocks, public debt or deposits in bank accounts and represents 17,484 million.

The real estate market is the second preferred option and accounts for just over a quarter of total assets at 6,905 million and art and antiques rose from 2.8 to over 6 million in 2019.

300 more people deposited compared to 2018, an increase of 3.8%, which is lower than the 8.7% growth in declared assets.