Yachts in Ibiza.

Yachts in Ibiza.

11-07-2021Ultima Hora

The majority of people in the Balearic Islands earn between 12,000 and 21,000 euros, but a percentage of residents rake in more than 50,000 a month.

In 2019, a total of 370 Balearic residents declared an annual income in excess of 600,000 euros, which is equal to a super salary of more than 50,000 euros per month.

Personal income tax returns for 2019 published by the Tax Agency show that those 370 people earn more in a month than the other 522,982 Balearic residents make in a year.

The identity of the super earners has not been revealed, but the list is likely to include, Hotel Executives, tourism corporations, elite athletes, lawyers and architects.

The Balearic Islands & Catalonia

The Balearic Islands and Catalonia have the second highest rate of mega-salaries after Madrid in percentage terms.

In 2019, there were 5,448 residents in Spain earning a salary of more than 50,000 euros per month, which is 0.16% of all declarations submitted to the Treasury.

The Senior executives in the Balearic Islands and Catalonia earning upwards of 600,000 euros per year, represent 0.07% of the total declarations submitted.

There are 370 super-earners in the Balearic Islands compared to 2,624 in Catalonia, which has a much bigger population.

Those with a lower percentage of super-earners are Castilla-La Mancha and Extremadura, with 0.1% declaring that income.

Two other communities that are above average are the Valencian Community and La Rioja with 0.04% super-earners.

Besides those 370 top earners in the Balearics, there are also 3,934 employees who receive a salary of between 150,000 and 600,000 euros, which represents 0.71 percent of the total declarations.

In the category of outstanding salaries are also those who earn between 60,000 and 150,000 euros a year.

The figure is already more abundant with a total of 23,605 declarants, representing 4.28% of all declarations made in 2019.

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Majorca fan / Hace 7 months

Article’s previously posted on this site indicated a 12k euro salary a year is common in Mallorca. The practice of such low salaries will always seriously damage the local economy. Obviously the industry that is prevalent on the island is hospitality which in the U.K. pays around £450 for a 40hr week. A pal of mine Paco who arrived in the U.K. 35yrs from Cadiz when he and I quote fell for a newcastle lass. He build a good restaurant business here and many of his staff are his family and friends. High wages on the island are not a problem. Lack of diverse skilled jobs are. I have met many young people on the island who are as sharp as pins and educated but suffer for lack of well paid opportunities at home. The politicians need to drive a more diverse economy or legislation to up minimum wage.

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