Taxpayers with large assets increase by 15%

Taxpayers with large assets continue to grow in Spain.

Oliver Thansan
Oliver Thansan
04 September 2023 Monday 11:10
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Taxpayers with large assets increase by 15%

Taxpayers with large assets continue to grow in Spain. In 2021, they increased by 15%, up to 831, compared to the figure a year earlier. It is one of the data extracted from the wealth tax statistics published yesterday by the Tax Agency corresponding to the year 2021, the latest available. These fortunes correspond to taxpayers who declare a taxable base of the wealth tax of more than 30 million. In 2020, 724 citizens reported having more than this amount.

This group includes citizens from all over Spain, including those from communities such as Madrid, where the tax is subsidized by 100%.

As in previous years, the largest wealth tax collection corresponded to Catalonia: 594 million of the 1,352 million paid in all of Spain. This means that 44% of all collection comes from the Catalan community. On the other hand, taxpayers who live in Madrid and have assets of more than 2 million euros saved a total of 1,212 million, because they have a 100% tax rebate from the regional government. These citizens are obliged to submit the property tax return even if they end up paying zero.

The weight of Catalonia on the overall collection (the aforementioned 44%) is slightly lower than the previous year (45%), since the income in the community grew less than in Spain as a whole: 8.7 % compared to 12.4%.

Sources from the Department of Economics, which is headed by Natàlia Mas, said yesterday that "we see that taxation in Catalonia does not produce a flight of large assets. On the contrary, these are increasing strongly, and especially the taxpayers with more assets". The data provided by the Ministry with information from the Spanish Treasury is that Catalan taxpayers of more than 30 million grow by 23%. It is an increase higher than the aforementioned 15% of Spain as a whole. Sources from the Generalitat insisted that there is an increase in all groups. "We continue to maintain that the taxation debate cannot be separated from the underfunding and fiscal deficit that Catalonia is suffering, so this other factor must also be incorporated", they added from the Department of Economy.

With the new wealth tax that came into force last year, some of the 83,482 Madrid taxpayers who were saved from paying the tax due to the regional bonus would have to pay an amount to the state treasury for their assets.

The growth in collection in 2021 occurs after the previous year had fallen in both Spain and Catalonia. The weight of the Catalan community in the State as a whole has remained stable since 2014 at around 45%.

In 2021, a total of 231,367 Spaniards declared this tax, 5.65% more than the previous year, with increases in all autonomous communities. The total wealth that was declared was 849,214 million euros, 10.5% more, which placed the average at 3.67 million euros.