Spain put up wealth taxes – without chasing away the billionaires
8 days ago
- #Spain-economy
- #Amancio-Ortega
- #wealth-tax
- Amancio Ortega, Spain's richest man and Zara founder, is expanding his property portfolio, including the Planeta building in Barcelona and Hotel Banke in Paris.
- Ortega is set to receive a record €3.1bn dividend from Inditex, prompting speculation about wealth tax avoidance, though his family office denies this.
- Spain's wealth tax, reintroduced in 2011, has led to regional variations, with some areas reducing rates to attract wealthy residents.
- The solidarity tax on large fortunes, introduced in 2022, aims to redistribute wealth and has raised €2bn in 2024.
- Experts suggest closing loopholes like the 'family company' exemption could significantly increase tax revenue.
- Despite fears, Spain's wealth tax has not caused a mass exodus of the wealthy, with the number of Spanish billionaires increasing.
- Spain's economy grew by 3.2% in 2023, outperforming other major advanced economies, showing no negative impact from wealth taxes.