Wealth Tax in Spain: 7,200 More Super-Rich Paying, Total Wealth Nears €1 Trillion in 2023

Spain’s wealth tax landscape is undergoing a dramatic revival. According to recent data, 7,190 additional high-net-worth individuals paid the wealth tax in 2023, bringing the total to 192,291 taxpayers. These taxpayers collectively hold nearly €1 trillion in wealth, and Spain hauled in €1.978 billion—a 58% increase in revenue.

Why More Rich People Paid in 2023

This spike reflects a significant policy shift. Regions like Madrid, Andalucía, and Galicia reinstated the wealth tax after abolishing it earlier. This reversal was driven by the central government’s 2022 introduction of the solidarity tax on large fortunes, which incentivized regional authorities to reactivate their own tax to retain revenue locally.

As a result, the number of taxpayers increased by almost 4%, from 185,101 in 2022 to 192,291 in 2023.

The Numbers Tell the Story

• Total wealth declared: ~€934 billion (an ~8% increase from the previous year)
• Average wealth per taxpayer: €4.08 million—a record high
• Average annual income of these taxpayers: €177,000
• Where wealth is held:
  • ~75% in investments (funds, stocks, deposits)
  • 18.5% in real estate
  • Smaller shares in intellectual property, cryptocurrencies, and luxury goods

This redistribution of fiscal responsibility has modernized how wealth tax operates in Spain—and show growing tax equity.

Broader Context and Global Trends

Spain stands out in Europe for still imposing wealth taxes, alongside countries like Switzerland and Norway, as noted by The Guardian. Internationally, a growing movement—supported by Oxfam—pushes for fair taxation of extreme wealth, citing startling statistics: globally, the richest 1% could eliminate annual poverty several times over with just a fraction of their wealth. 

What This Means for Non-Residents and Global High-Net-Worth Individuals (HNWIs)

• Reinstated regional taxes mean no more easy tax havens in autonomous communities like Madrid.
• Declining anonymity: More global wealth is being accurately declared.
• Need for strategic planning: Understanding where and how your assets are taxed is more important than ever.

Why Taxadora Can Help

We specialize in guiding HNWIs through Spain’s evolving wealth tax system:

• Accurate Wealth Assessment: We help you value your assets correctly under Spanish tax law.
• Smart Structuring: Optimize tax outcomes while complying with regional and national regulations.
• Cross-Border Support: Whether resident or non-resident, we ensure you take the right approach to minimize your exposure.

Final Thoughts

Spain’s 2023 wealth tax data marks a turning point—achieving nearly full compliance from its wealthiest, and significantly expanding revenue collection. As global tax policy evolves, this shift demonstrates that taxing wealth effectively is possible without triggering capital flight.

Planning your wealth in Spain? Let Taxadora guide you.