Portugal gains 3,200 new millionaires in 2024

The report also underscores persistent wealth inequality in Portugal, with a Gini coefficient of 0.61, high by European standards.

The Quinta do Lago resort in the Algarve has some of the most expensive house in the country.

Portugal saw the number of millionaires grow by 3,200 in 2024, bringing the total to around 175,000 people with net assets over one million US dollars, according to the newly released Global Wealth Report 2025 by UBS.

This represents a 1.9% increase year-on-year, outpacing the global average of 1.2%.

Despite a slowdown compared to previous years, the trend confirms the steady expansion of Portugal’s wealthiest group.

Collectively, these individuals now control an estimated $376 billion, averaging over $2.1 million each, while the median wealth per adult in the country stands at just $81,353, reflecting a stark concentration of wealth.

UBS highlights that Portuguese households remain conservative in how they allocate wealth, heavily favoring real estate.

In 2024, non-financial assets like property made up 74.5% of total wealth, while financial assets represented just 36.5%. Debt levels remained stable at 10.9%, comparable to countries like Spain and Greece.

This property-heavy composition means that wealth in Portugal is especially sensitive to shifts in housing prices and interest rates, and less exposed to the growth potential of financial markets.

Globally, nearly 60 million people qualified as millionaires in 2024, together controlling over $226 trillion.

UBS defines a millionaire as someone with a net worth above one million US dollars (approx. €870,000).

The report also underscores persistent wealth inequality in Portugal, with a Gini coefficient of 0.61, high by European standards, though lower than countries like Brazil, Russia, or South Africa.

Still, there’s been a modest decline in inequality over the past decade, with median wealth rising more than 25%.

UBS forecasts that the number of millionaires worldwide will continue to grow, adding 5.34 million new millionaires by 2029, a nearly 9% increase.

Portugal is expected to reach around 189,100 millionaires by 2028, an 8.1% rise from current figures.

A key takeaway from the report is the massive generational wealth transfer expected in the next 20–25 years.

Globally, more than $83 trillion is projected to change hands, including $74 trillion passed down between generations.

In Portugal alone, more than 26% of national wealth is expected to be transferred, a higher proportion than in Spain (17%) or Greece (40%).

UBS chief economist Paul Donovan notes, “Wealth is not just an economic metric—it’s a social and political force.

As we navigate the fourth industrial revolution and rising public debt, how wealth is distributed and transferred will shape policy, opportunity, and progress.”

The report comes as the Portuguese government, under Prime Minister Luís Montenegro, reaffirms its goal of raising the minimum wage to €1,100.

The Goverment also wants the average salary to €2,000 by the end of the legislative term, though this is not subject to direct government decision.

New wage benchmarks are expected to be negotiated with private-sector stakeholders in the coming months.