According to a report published by the Credit Suisse Research Institute, the total number of millionaires in Portugal will rise from 117,000 to 174,000 by the year 2024.
‘Millionaires’ in this case refers to individuals who have attained a wealth of $1M or more, which is the equivalent of about 900,0000€ worth of cash flowing into the country.
The expected 174,000 figure for 2024 which corresponds to a growth rate of 49% – equal to another 57,000 millionaires by that year – makes Portugal one of the top-rated countries to have the highest relative growth rate. This is something that’s only surpassed by countries like China (55%), Japan (71%) and Poland (74%).
This means that Portugal is now considered the second-best destination in the world for affluent travellers.
Increasing number of millionaires in Portugal
The Global Wealth Report has revealed that more millionaires are now flooding into the country due to high real estate asset appreciation and demand for property for sale in Portugal. However, the real estate market is something that has seen high appreciation almost in every corner of the world – Portugal, along with Hungary, Columbia and the Philippines, are among the countries that have reported robust real estate growth to the tune of 10-13%.
Affluent travellers have really smelt the coffee and are now coming to terms with how much Portugal has to offer, especially given “the Algarve”, the country’s stunning southern coastline that plays host to breathtaking beaches, picture-perfect fishing towns, superb tropical climate all year round, and more. Not only that, but the country also has some of the greenest and most exotic golf courses and resorts in the Iberian Peninsula.
The same Global Wealth Report also stated that the country’s wealth grew by 2.6% in 2018 when it hit a record high of $360B.