Average wealth of Andalucía's 12,000 richest people rises by 25% to 5.7 million euros

This report, which the Ministry of Finance periodically publishes, provides the most comprehensive snapshot of the wealthiest individuals in Spain, broken down by regions. Regardless of whether this tax has actually been levied in recent years (for example, in Andalucía it has been 100% tax-free in some years), taxpayers with assets worth two million euros or more have always been obliged to file a tax return.

For the purposes of this article and also of the tax agency, therefore, high-net-worth individuals are those with assets worth more than two million euros.

Wealth tax is a national tax, but the revenue it generates remains within the region, unlike the tax on large fortunes designed by PM Pedro Sánchez's government. This latter tax was implemented in response to the increasing number of regions offering 100% tax breaks and exempting high-net-worth individuals from taxation. Its revenue feeds the national treasury.

This is why some regions, including Andalucía and Madrid, have reinstated the practical application of the tax. Andalusian taxpayers would have had to pay the state tax as early as 2023 had the wealth tax, which the regional government reinstated, not been in force, as it preferred the revenue to remain in the region rather than go to the state tax agency.

In Andalucía, a total of 11,985 taxpayers filed wealth tax returns in 2025, reflecting their situation in 2024. This indicates a significant number of high-net-worth individuals.

At the national level (considering residents in territories under the common tax regime, excluding the Basque Country and Navarre, which have their own tax systems), the number decreased slightly, from 228,575 in 2023 to 227,424 in 2024.

In Spain as a whole, the number of taxpayers with a tax liability, meaning those who owed the tax, was just over 185,000, virtually the same as the previous year. In Andalucía, the number did not reach 1,100, although in their case it was 66% more than those who had to pay it the previous year, when there were only 662.

Even more interesting is the fact that the statistics reveal the average net worth declared by each taxpayer subject to this tax, how it has evolved and, above all, how that money is invested.

Regarding the first point, it amounts to almost 5.7 million euros per Andalusian taxpayer, a figure that has not only grown by 25.60% compared to the previous year, but also exceeded the Spanish average, which stood at 4.3 million euros, representing a year-on-year increase of 6.11%.

The average net worth of a wealthy Andalusian surpasses that of the average wealthy person in Spain, although it is significantly lower than the figures for Madrid (11.6 million euros per taxpayer), Murcia (eight million) or Galicia and the Balearic Islands (over seven million).

In any case, the wealth of Spain's richest individuals is now approaching one trillion euros in total (it stands at around 986 billion euros), of which taxpayers in Malaga province account for just over 68.4 billion euros, compared with the nearly 300 billion euros in Madrid and the approximately 270 billion euros in Catalonia.

Furthermore, there is also a gender gap here because, of the 68.4 billion euros in the hands of Andalucía's wealthiest individuals, 41.25 billion belong to men and the remaining 27.174 billion to women.

Regarding the distribution of wealth among wealthy Andalusians, according to tax agency records, 80% of the total or just over 55 billion euros, is held in financial investments. These are dominated by shares and stakes in unlisted companies (non-traded companies), totaling more than 39 billion.

Meanwhile, they hold approximately 3.5 billion euros in listed companies and almost seven billion in investment funds. The 4.6 billion they hold in deposits and bank accounts is also significant. However, their holdings in public debt amount to less than one billion.

The next most important destination for large fortunes, although far behind the first, is real estate, where they accumulate 12.7% of their wealth (or approximately 8.7 billion euros). Here, the largest investment consists of non-exempt urban properties totalling 6.58 billion (that is, primarily homes outside the first 700,000 euros of their primary residence that are exempt, totalling 1.56 billion), compared to rural properties, with investments totalling 543 million euros.

Assets related to economic activities (typically self-employed professionals) account for approximately 1.8 billion for wealthy Andalusians, representing 2.62% of their total wealth. Meanwhile, they hold slightly more than one billion in insurance policies and annuities.

Finally, luxury goods such as jewellery, furs, vehicles, boats, aircraft, works of art and antiques total 97 million euros.

This means that a high Andalusian fortune, of the aforementioned approximately 5.7 million euros that it possesses, on average, has 4.58 million euros in financial investments (listed and unlisted companies, as well as funds and deposits), in addition to another 723,000 euros in real estate or approximately 150,000 euros in assets related to economic activities.

However, the gap is also evident here in the fact that women have proportionally more money invested in real estate than men, while men, in turn, have more financial investments.

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