Portuguese Millionaire Count Rising Alongside The Median Adult Wealth

The latest Global Wealth Report compiled by UBS shows that Portugal quietly welcomed another 3,200 residents with a net worth above one million US dollars during the past year—enough people to fill six Lisbon–bound Airbus A321s, yet only a 1.9 percent increase that signals the surge of recent years is now easing. Even so, roughly 175,000 Portuguese adults have crossed the seven-figure threshold, jointly controlling an estimated 376 billion dollars in assets. Set against an average adult wealth of 163,900 dollars and a median of just 81,300 dollars, the numbers underline how a thin slice of the population holds a disproportionate share of national riches.

A Club That Keeps Growing—Just More Slowly

Portugal’s millionaire cohort has expanded every single year since the pandemic, leaping by more than one-fifth between 2020 and 2022 before settling into a gentler climb. Comparison with neighbours is revealing. Spain, with a far larger population, counts about 1.2 million millionaires; Greece, roughly 80,000. UBS foresees the Portuguese total rising further to almost 189,000 by 2028, but the tempo is expected to lag behind the rapid bursts seen earlier in the decade.

How Portugal Stacks Up in Europe’s Wealth Map

Measured by the share of adults who qualify as millionaires, Portugal sits mid-table in Western Europe—well below the United Kingdom or Switzerland, yet ahead of many Central-European states. The country’s Gini coefficient for wealth—0.61 in 2024—signals high inequality by EU standards, although it still fares better than Russia or South Africa, both above 0.80. Encouragingly, UBS notes that Portugal’s median wealth has risen more than 25 percent since 2014, hinting that gains are no longer limited to the very top.

Bricks, Tiles and a Conservative Mind-set

Ask a Portuguese family where their money lives and the answer is almost always “in the house.” Real-estate and land now account for nearly three-quarters of gross household wealth (74.5 percent), dwarfing financial holdings such as shares, bonds and cash, which represent 36.5 percent. The figures exceed 100 percent because they are measured before deducting liabilities. Debt, on the other hand, is modest by Southern-European norms—only 10.9 percent of total assets—leaving most households cushioned against sudden rate hikes.

The Expat Factor and Housing Pressures

Foreign investors have played an unmistakable role in driving Portugal’s property values, particularly in Lisbon, Porto and the Algarve. Golden-Visa applicants, non-habitual-resident tax beneficiaries and digital nomads have all helped stoke demand for high-end apartments and historic town-house renovations. For locals, that has translated into record-high prices and mounting political pressure to expand affordable rental supply. New millionaires therefore arrive in a market already struggling to balance investment inflows with social cohesion.

What More Millionaires Mean for You

For an international professional relocating to Portugal, the swelling ranks of wealthy residents carry practical implications. Luxury services—from bilingual private schools to concierge medical clinics—are proliferating, but so are premiums on urban housing. Meanwhile, the tax system remains comparatively mild on capital gains derived from long-held real estate and offers several residency tracks that can fit different wealth profiles. Staying informed about legislative tweaks (the Golden Visa rules changed twice in 18 months) is essential.

Looking Toward 2029

UBS projects that the world will mint another 5.3 million millionaires by the end of the decade, nearly 9 percent more than today. The United States will still dominate the leaderboard, followed by China, yet Portugal’s share is expected to edge up along with other Southern-European markets. Whether those gains filter down to the broader population will hinge on productivity growth, housing policy and the country’s capacity to channel savings beyond bricks and mortar.

The Bottom Line for Newcomers

Portugal’s millionaire club continues to expand, although at a calmer pace, and its members remain deeply invested in the property market. For expatriates the trend translates into a sophisticated set of services—and a real-estate landscape where patience, local advice and a clear budget are more important than ever.