March 8, 2021

Spanish fortunes | Spain maintains its number of millionaires in about 224,000 and ranks seventh in Europe – The Province


The big onesSpanish fortunesthey came to224,300 in 2018, practically the same figure as the previous year (224,200), according to a Capgemini report that places Spain in seventh place in Europe by number of millionaires and in the fourteenth worldwide.

Specifically, in the European classification,Spain is behind Germany, France, United Kingdom, Switzerland, Italy and the Netherlands and ahead of Norway and Sweden.

In the world ranking, Spain holds the fourteenth position, ranking behind India (256,000 millionaires) and Korea (235,000) and ahead of Russia (200,000) and Saudi Arabia (191,000).

The'World Wealth Report'published today by Capgemini reveals that, after seven years of consecutive growth, the wealth of the great fortunes decreased by 3% in 2018 worldwide, the equivalent of two trillion dollars, as a result of the fall in the markets ofrentvariable and the slowdown of regional economies.

In this way,the number of millionaires around the world went down in 20180.3%, with the Asia-Pacific region experiencing the greatest decline after reducing its number of millionaires by 2%. China is responsible for more than half (53%) of the loss of wealth in this region and more than 25% worldwide.

The wealth of the great fortunes also decreased in almost all other regions: in Latin America it fell by 4%; in Europe by 3% and inNorth America, 1%. On the other hand, in the Middle East the wealth of the great fortunes grew by 4% and its millionaire population increased by 6%, thanks to its solid GDP growth and the evolution of financial markets, according to the report.

United States and Japan, the richest

The markets with the highest volume of millionaires were the United States, Japan, Germany and China, which together represent 61% of the world's population of great fortunes.

According to the report, the 'ultra-billionaires' (fortunes of over 30 million dollars) recorded the greatest economic loss in 2018, with a decrease of their wealth close to 6%, which accounted for 75% of the total reduction of wealth to world scale. The population of'ultrarricos' dropped 4% last year.

On the other hand, the middle-level millionaires (fortunes of between 5 and 30 million dollars) represented 20% of the total global loss of wealth, while the lower segment of millionaires (between 1 and 5 million dollars and which represent almost 90% of the millionaire population) is the one that was least affected, sinceits wealth fell less than 0.5%.

Thus, most of the reduction in both the number of millionaires and wealth was registered in the highest segments, that is, the 'ultra-billionaires' and the middle-level millionaires.

Cash replaces variable income as an investment

The report shows that cash has replaced equity as the most used investment asset in the first quarter of this year, representing 28% of the financial wealth of large fortunes, while shares have gone to a second position, withabout 26%, five points less than the previous year.

Capgemini also highlights that volatility in the stock markets led to a slight increase in alternative investments, whichthey reached 13%, four points more than a year before.

Despite the decrease in wealth, the level of satisfaction and confidence in wealth management firms increased three points to 81.8%. However, the report emphasizes the need for better investment in next-generation technologies to improve the customer experience.

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