Portugal has witnessed a notable increase in its population of ultra-wealthy residents, adding 725 individuals with a net worth of at least €25 million over the past five years. According to the Prime International Residential Index (PIRI) by Knight Frank, this demographic, classified as ultra-high-net-worth individuals (UHNWIs), has expanded by nearly 50%. While there were 1,462 such individuals in 2021, estimates suggest that the figure will reach 2,187 by 2026.
This influx is partly attributed to foreigners attracted by the nation’s high quality of life, safety, climate, and previous tax incentives like the Non-Habitual Resident (NHR) scheme and golden visas. Although these programs have undergone significant changes—such as the exclusion of property purchases from golden visa eligibility and the narrowing of NHR benefits—experts suggest that international demand persists.
Domestic wealth creation has also played a pivotal role. Helena Seruca, a director at Banco Carregosa, notes that the post-pandemic era served as a turning point, with many entrepreneurs selling their businesses to private equity firms. This trend, bolstered by the aging of business owners looking to exit, has seen industrial sectors like footwear and textiles produce a new generation of ultra-wealthy individuals. Bruno Minoya Perez, head of Private Banking at the same institution, cites the sale of a bakery to a French group for €100 million as a prime example of how single transactions can shift individuals into this elite bracket.
Beyond business, real estate remains a significant driver. While Portuguese buyers dominate the broader high-end market, foreign investors from countries like the United States, Brazil, and recently Qatar, increasingly target luxury homes. Locations such as Lisbon, Cascais, Comporta, and the Algarve’s Golden Triangle serve as primary hubs. Branded residences, which combine luxury living with hotel-style amenities, have also become a signature of the Portuguese market, with the country leading in this category in Europe.
Despite the end of generous tax regimes, investors continue to view Portugal as a politically stable, euro-denominated haven, especially amidst global geopolitical tensions. Looking ahead, the Knight Frank index predicts that the number of ultra-wealthy residents in Portugal will grow to 2,452 by 2031, supported by a mobile population that increasingly treats the country as both an investment destination and a place of residence.
