Loads-of-money in the Balearics! The number of people who pay wealth tax in the islands has risen by almost 20 percent in the last five years, according to figures from the Tax Office. To pay wealth tax you must have wealth in excess of 700,000 euros.
Loads of money! The number of rich in the Balearics on the rise
Big rise in the number of people who pay wealth tax
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It's not just "foreigners". Plenty of Mallorquins have become quite wealthy. And if 700 grand is the baseline, I suspect the "rich" Mallorquins number in the thousands, if not 10's of thousands. The difference is that culturally, Mallorquins tend to be averse to displaying wealth. It comes from the Franco era, when if you had any money, they'd come and take it. So people had to be pretty quiet about whatever wealth they had. Most of it was completely off the books in those days anyway. Some still is. Most old Mallorquin family fincas have a large safe hidden away somewhere. Ever heard of "Banco de Familia"? Yes, that's it.
I agree with Marvin. We don't need this crap here. This sort of things just pushes the cost of living up, making it harder for the normal joe to make ends meet.
It’s this very wealthy, mostly foreign minority which is seriously distorting Mallorcans’ perception of foreigners who come to live here. We, they, us, them are seen as super wealthy and some are, but the vast majority aren’t and are probably feeling the cost of living rise here just as keenly as the locals.