Portugal gains 725 new ultra-wealthy residents in five years
According to a Knight Frank study, the number of people in Portugal with assets over €25 million has grown by almost 50% in five years. This growth is driven by both foreign investment and local entrepreneurs selling their businesses.
Portugal has seen a significant increase in its ultra-wealthy population, with 725 new individuals holding net assets of at least €25 million ($30 million) over the past five years, according to real estate consultancy Knight Frank. In 2021, the country had 1,462 such ultra-high-net-worth individuals (UHNWIs), and by 2026, the figure is estimated to reach 2,187.
A large share of these wealthy individuals are foreigners attracted by Portugal's quality of life, climate, safety, and lifestyle, as well as tax incentives like the Golden Visa and the Non-Habitual Resident (NHR) regime. While these programmes have been tightened in recent years, they continue to draw investors.
However, not all ultra-wealthy residents are foreign. Helena Seruca, co-ordinating director of private banking at Banco Carregosa, notes that many are Portuguese entrepreneurs who have sold their companies, often after private equity investments. The post-pandemic period saw a boom in company sales, with one bakery business alone fetching €100 million for its owner.
The rise of digital nomads after the pandemic also contributed, with many remote workers settling in Portugal and starting businesses. Foreign investment, particularly in real estate and tourism, has also grown. For instance, Israeli and Turkish investors are actively buying and renovating properties in Lisbon and Porto.
Portugal's luxury property market is booming. According to Christie's International Real Estate, ultra-luxury properties are concentrated in areas like Cascais, central Lisbon, Comporta, and the Algarve's Golden Triangle. In the luxury segment, 65% of buyers are foreign, mainly North Americans and Brazilians.
Portugal leads Europe in branded residences, with around 1,200 units linked to hotel brands, appealing to international buyers seeking hassle-free property management.
Despite reduced tax benefits, Portugal remains a top destination for global wealth, with Knight Frank forecasting 2,452 UHNWIs by 2031. Experts attribute this to the country's political stability, quality of life, and international appeal.
