In a world that is retracting, moving towards the local, back to the proclamation of patriotism, the great fortunes are becoming increasingly international. And in this migration of wealthy families, Spain, and especially Madrid, continue to consolidate their position as one of the main destinations for the world's richest. In just the last three years, millionaires settled in the Spanish capital have grown by 20% to a select group of nearly 34,900 people (about 5,900 more than three years ago). These are data compiled by the consulting firm Henley & Partners, which for the past three years has been publishing an exclusive report - 'The Henley Private Wealth Migration Report' - where Madrid, the Costa del Sol, and, to a certain extent, Barcelona, are among the 100 cities with the highest number of millionaires in the world.
In the last decade (2014-2024, according to the latest available data), the number of wealthy individuals in Spain has grown by 3%. Madrid is the first Spanish city listed where the great fortunes reside, ranking 33rd in 2024, one spot below the previous year. Not only are there nearly 35,000 people with over a million in financial assets, but there are also 72 individuals with over 100 million euros and another 8 whose personal fortune exceeds 1,000 million, a figure that has remained stable in recent years. Iván Basa, general director of Lombard Odier in Spain, acknowledges that when a fortune of this magnitude decides to move, "it is not just a tax issue." "The development of private universities is increasingly important," where Spain, in his opinion, has taken the lead and is now competing head-to-head with the United Kingdom, which is becoming less attractive for some wealthy families to settle in, with our country gaining ground with business schools that are playing a more significant role.
In fact, Spain has made it onto the 'watch list' for those compiling the report for this year, alongside countries such as Saudi Arabia, Malta, Mauritius, Monaco, France, and New Zealand, with the expectation of an increase of over 200 millionaires in the next twelve months. Regions like the Costa del Sol have contributed to this, ranking 56th in the list of cities or geographical areas with the highest concentration of centimillionaires (those with assets exceeding 100 million dollars). In Malaga and its surroundings, there are 62 individuals with financial wealth of this magnitude. Madrid ranks seven positions higher, at 49; while the third Spanish city is found at position 100. According to Henley & Partners in their 2025 report, Barcelona is home to 28 centimillionaires.
The Swiss private bank Lombard Odier highlights in a client document the appeal of Spain and Italy as new destinations for millionaires. However, it questions the impact that the repeal of measures such as the 'golden visa' a year ago by the government will have on the arrival of these profiles. "Until very recently, Spain offered residency permits in exchange for investments [starting from 500,000 euros to obtain residency], which attracted many families, particularly from Latin America. Now, after the abolition of this visa, it is too early to determine the impact on Spain's attractiveness for non-nationals internationally," the bank states in a recent report.
The main argument used by the Socialist government twelve months ago for the repeal of this permit was to put an end to speculation in the housing market. Nevertheless, prices have continued to rise over the past year. What is true is that Latin American buyers represent a significant portion of the real estate market in major Spanish cities, especially in prime properties, in distinguished neighborhoods with higher prices.
"In 2025, Spanish buyers accounted for 55% of the total, compared to 60% in 2023 and 70% in 2018. This progressive decline confirms the increasing relevance of foreign buyers, who now represent 45% of transactions," notes a report by the real estate consultancy Knight Frank on the housing situation in the Community of Madrid. The trend shows that buyers from Latin America have been gaining weight progressively, with 26% of transactions in 2025, compared to 22% in 2023 and 18% in 2018, according to data collected by the consultancy. However, they highlight a shift in the trend with the increased presence of U.S. investors. Eight years ago, they represented only 0.5%, but today they account for 8%, having doubled in just two years.
"The Community of Madrid contributes nearly 20% of the national GDP and hosts 43% of the high-net-worth individuals (UHNWIs) in the country," points out Knight Frank. In fact, this firm estimates that the number of millionaires will increase by another 30% by 2027. One of the reasons is that, despite the current housing crisis in Spain, buying a property in the capital remains cheaper for the wealthy than in other major European cities. How many square meters can be purchased with a million euros? That is the question posed by the report. The answer: In Madrid, it is 70 m2, whereas a decade ago, it was 125 m2; in Paris, with the same amount, it is 42 m2; and in London, 34 m2. Despite the fact that prices for prime real estate have been rising year after year for the past decade. The only time the trend was abruptly interrupted was during the pandemic year, in 2020.
Therefore, the average price of prime areas in Madrid will have seen six consecutive years of increases by 2026, with an additional 4.5%. In these affluent neighborhoods, where millionaires are concentrated, the price per square meter is at least 10,000 euros. This is the case in El Viso, in Chamartín. The most expensive of them all is Recoletos, in the heart of the capital, which surpassed 15,000 euros per square meter in 2025.