Updated: 4th October 2022, 5:46pm This new data shows that Portugal currently is the third European country with the highest growth in the number of millionaire residents.
Where do the rich live in Portugal? Lisbon, Oeiras, Cascais, Sintra, Porto and Vila Nova de Gaia are the municipalities with the highest concentration of population with the highest income in the country.
Topping the list of the world's most millionaires is the United States, which currently has 24.5 million millionaires—or 39% of the world's total.
Australia had over 176 thousand millionaires in 2020, an increase in the number of millionaires from the previous year. This was estimated to grow to over 215 thousand millionaires in the country by 2025.
Most millionaires globally, especially those from developing countries, look to more developed countries like the USA, Canada, and the UK to settle. Historically, these countries offer better wealth growth opportunities and personal security with low crime rates.
Millionaire Statistics by Age
The average millionaire is 57 years old. As of 2013, 42% of millionaires are baby boomers (between 57 and 75 years of age), the majority of any age group. As of 2013, 19% of millionaires are millennials (between 18 and 31 years of age).
half of the world's net wealth belongs to the top 1%, top 10% of adults hold 85%, while the bottom 90% hold the remaining 15% of the world's total wealth, top 30% of adults hold 97% of the total wealth.
Low wages in Portugal
A major downside to living in Portugal is finding a well-paying job. Whether you are making minimum wage or the average salary, do not expect to make a lot of money. In 2022, the national minimum salary in Portugal is €705 a month before tax.
Average salary range. The average salary range allows us to look at both the higher and the lower end of the salary spectrum in Portugal. On average, salaries can range from 700 EUR (697 USD) to 12,300 EUR (11,942 USD).
You can comfortably retire in Portugal with an income between $1,500 – 2,000 per month. For some, the Social Security benefit alone is enough to cover the costs of living.
In terms of GDP, Portugal is not necessarily considered a “rich” country, ranking number 47 worldwide. A country's richness cannot also be measured solely through GDP. However, the Portuguese economy has been growing in recent years, despite the negative impact of the Covid-19 pandemic.
Portugal is therefore currently ranked 48 of the major economies. If this is calculated per inhabitant, taking purchasing power parity into account, then Portugal ranks 41st in the list of the richest countries. Inflation in Portugal in 2021 was around 1.27%.
Spain is, according to the most recent FMI estimates, the 15th largest world economy (in PPP terms), with Portugal 55th. In terms of per capita GDP (PPP) the gap is smaller, with Spain ranking 32nd and its neighbour 43rd.
It's not surprising that those with more wealth tend to live longer than those with less. If you have more money, you probably have access to better health care as well as more nutritious foods. You also have less stress from worrying about money, and stress is a factor in mortality, as well.
How much does a Millionaire make? As of Dec 26, 2022, the average annual pay for the Millionaire jobs category in the United States is $76,071 a year. Just in case you need a simple salary calculator, that works out to be approximately $36.57 an hour.
How much money do you need to be considered rich? According to Schwab's 2022 Modern Wealth Survey (opens in new tab), Americans believe it takes an average net worth of $2.2 million to qualify a person as being wealthy. (Net worth is the sum of your assets minus your liabilities.)
According to New World Wealth, approximately 80,000 millionaires have moved to the Land Down Under in the last two decades. A few things that attract migrants to Australia are the country's low costs of healthcare, its lack of inheritance tax, and its generally prosperous economy.
The favourable environment for trade in Lisbon is an attractive point of interest for millionaires looking for a place to relocate. But other reasons such as the good quality of life, and the cheap cost of living make Lisbon a hotspot destiny for expats relocating to Portugal.
It boasts one of the topmost population consistence in the world, with persons per forecourt afar, owing to its small size. According to study conducted by GlobalData WealthInsight, Monaco has the largest attention of millionaires, with31.
While New Hampshire does have a high cost of living, it also has excellent health care. All of these factors make it the best place to retire if you are wealthy. Other top states on the list include Idaho, Wisconsin, Wyoming, Alaska, South Dakota, Michigan, Utah, and Arkansas.
Switzerland was the country with the highest rate of millionaires worldwide in 2021, with 16.4percent of the adult population owning assets worth more than one million U.S. dollars. Luxembourg followed right behind with 16.2 percent of the population being millionaires, with Iceland in third.