Portugal today has 725 more ultra-wealthy residents than it did five years ago. But who are these people? Where does their wealth come from? And why do they keep choosing Portugal as a place to live and invest?
According to a recent study by British firm Knight Frank, the Prime International Residential Index (PIRI), the number of ultra-wealthy individuals — people with a net worth of at least €25mn (known as ultra-high-net-worth individuals, or UHNWIs) — has risen in Portugal by almost 50% over the past five years.
In 2021, Portugal had 1,462 ultra-wealthy individuals. By 2026, according to Knight Frank's estimates, that figure is expected to reach 2,187.
It is widely acknowledged that a significant share of these ultra-wealthy individuals are foreigners who have chosen Portugal to live or invest in for a range of reasons.
Beyond its quality of life, climate, safety and lifestyle, Portugal initially became attractive thanks to tax incentives introduced in recent years, such as golden visas and the Non-Habitual Resident (NHR) regime.
