Spain collected over EUR 2 billion from its Solidarity Wealth Tax in 2024, but the number of billionaires in the country continues to rise.
Spain’s Solidarity Wealth Tax, introduced in 2022, applies to net assets above EUR 3 million, with rates up to 3.5%. Despite concerns over capital flight, official figures show billionaire numbers rising while GDP grew 3.2% last year.
Critics argue that loopholes, such as exemptions for family-owned businesses, still leave significant assets untaxed. Nevertheless, the tax has generated substantial revenue to support public spending and has enhanced Spain’s reputation for tax fairness without driving wealthy residents abroad.
Spain solidarity tax, wealth tax revenue, HNWI retention