Portugal is becoming increasingly attractive to the world’s super rich, according to the recently published ‘Wealth-X and UBS World Ultra Wealth Report 2013’, which ranks the country 12th in Europe in terms of resident ultra high net worth (UHNW) individuals.
The Wealth-X report also shows that Portugal’s UHNW population – people with net assets of at least $30million – increased by 85 between 2012 and 2013, to 870 from 785. UHNW individuals in Portugal are now worth around $100billion in total, compared to $90billion a year ago. Germany ranks number one of the list, followed by the UK and Switzerland in third.
This is good news for the exclusive areas of Portugal’s Algarve, in particular the upmarket golf resorts of Vale do Lobo and Quinta da Lago, two of the most desirable place to own property in Portugal. Detached villas in prime spots in these resorts, with views over the fairway and ocean, typically start at €2-3million, reaching in excess of €10million. It is usual for wealthy international buyers to own property in Algarve hot spots through a company, thereby avoiding the hefty taxes that expensive property attracts when selling or passing on.
The world’s ultra wealthy population grew by more than six per cent between 2012 and 2013, reaching an all-time high of 199,235, with a combined fortune of nearly US$28 trillion. The Report identified more than 2,000 billionaires globally, who combined are worth $6.5trillion, equal to 23 per cent of the world’s UHNW total wealth. Year-on-year growth occurred mainly in North America and Europe, with the two regions responsible for a net gain of nearly 10,000 UHNW individuals and a total increase in wealth of $1.5trillion.