Share of wealthy individuals paying the wealth tax in Spain 2011-2021

The share of ultra high net worth individuals (those who have above 30 million euros in assets) subjected to the wealth tax (Patrimonio) in Spain has been decreased gradually from 2011 to 2019. In 2021, 36.9 percent of UHNWIs paid the wealth tax, almost 12 percent less than at the beginning of the period analyzed. The Community of Madrid is the only region in the Mediterranean country that offers a 100 percent tax exemption, meaning that no resident of this region has to pay any wealth tax. It is therefore a common way for wealthy individuals to avoid wealth taxes.