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There are more wealthy women than men in Andalucía, but the men have the bigger bank accounts
Finance

There are more wealthy women than men in Andalucía, but the men have the bigger bank accounts

Almost 24% of the richest women in the region invest in real estate, while men opt more for financial assets

Cristina Vallejo

Malaga

Sunday, 26 November 2023

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Rich women outnumber wealthy men in Andalucía, but the men have fatter bank accounts, new research shows.

Among Forbes' list of the top 100 richest Spaniards, only four are based in Andalucía and all of them are men: Tomás Olivo, owner of General de Galerías Comerciales; Manuel Domínguez de la Maza, CEO of Mayoral; Eduardo Francisco Martínez Cosentino and his family, owners of the Cosentino group; and Santiago Domecq Bohórquez, agricultural businessman.

But if the scope goes beyond the Forbes list, taking into account wealth tax declarations, there are more wealthy women in the region than men. According to 2021 wealth tax declarations, 9,057 women in Andalucía were required to pay it compared to 8,707 men. However, the 10,010 women who filed their wealth declarations reported assets worth just over 25 billion euros, compared to the 31.4 billion euros declared by the 9,824 men who submitted their wealth tax declarations.

According to the figures, on average, each woman in Andlaucía declaring her wealth has a fortune of just over 2.5 million euros, compared to a man's average fortune of 3.2 million.

Women invest more in houses than the stock market

Almost 24% of the wealth of Andalucía's richest women is invested in real estate, compared to 18% of men, the statistics show. About 66% of women's wealth comes from financial assets, compared to almost 74% for men, the figures also show. Men, therefore, have a higher proportion of their wealth invested in fixed income, equities and investment funds than women. The average wealth invested by rich men in movable capital is 2.4 million euros, while in the case of rich women the figure falls to 1.678 million.

Gender wealth inequality in Spain is greater than in Andalucía

Nationally, 115,799 women filed wealth declarations in the past financial year compared to 115,568 men with about 101,800 women paying the tax, while the men did not reach 100,000. However, of the 847 billion euros accumulated by the rich who made the wealth declaration, almost 58% is in the hands of men, compared to 42% of women.

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