Although it is important to note the economic impact of the covid pandemic, the rise in wealth remains a clear trend. The latest data released by the Tax Office show a growing number of applicants for the wealth tax, a levy targeting only the wealthiest individuals. This pattern is evident across nearly all autonomous communities in 2020, with the same or higher growth rates than in previous years.
In the Valencian Community, the number of taxpayers filing the wealth tax declaration reached 23,892—an increase of 601 from the prior year. This mirrors the rise seen in 2019, a year when the economy was expanding. To enter this elite group, net wealth must exceed 600,000 euros after debts, with habitual residence exempt up to 300,000 euros.
Consequently, the Valencian Community ranks as the second largest jurisdiction in terms of taxpayers liable for this tax, behind Catalonia, which reported 82,465 taxpayers. It is important to note that the exemption thresholds are set by national rules but can be adjusted by each autonomous administration since this tax is devolved to the regions.
Catalonia has maintained a minimum threshold at 500,000 euros for several years, which keeps its taxpayer count relatively higher. The Valencian threshold was reduced to 600,000 euros in 2016 and recently adjusted to 500,000 euros for the coming years, aligning with policy trends in the region.
The evolution of the number of taxpayers in the community. Gregory Bermudez
In any case, the 2020 data show that the increase in wealthy taxpayers is not driven by a loosening of exemptions. Antonio Pérez, head of the tax commission at the Alicante Association of Economists, notes that much has been accumulated during the pandemic in the form of savings from reduced social activity, a trend that tends to favor the richest as well.
He adds that not all sectors are affected equally. Shares in technology and healthcare companies have risen, while administrations push for higher tax compliance. In the Valencian autonomy, for instance, the Tax Office has intensified its vigilance, particularly against fictitious address changes used to shift wealth to other regions. Madrid, where tax subsidies are more extensive, is a notable example of such dynamics.
The most expensive wealth tax campaign in the Valencian Community
Approximately 24,000 residents in the Community report wealth tax holdings amounting to 72.929 million euros in total, averaging 3.052.467 euros per person—roughly 50,000 euros higher than the previous year. More women than men appear in the top brackets, with 11,721 women versus 12,171 men in the sample, yet individual wealth levels show women declaring higher averages. The Tax Office notes that the average declared by men is around 3.4 million euros, while women in the same situation average about 2.7 million euros.
These figures are conservative compared with Madrid, where around 10.3 million euros is the typical declaration, or Galicia, where six million euros is common for residents who must file even if no tax is due. The presence of prominent families, including those connected to major businesses, can distort perceptions of regional wealth concentration.
Recovery seen among major Alicante fortunes
When breakdowns are examined by asset type, the largest share—about 29.742 billion euros—belongs to non-trading holdings, such as family-owned businesses. Securities and other financial assets account for roughly 12.762 billion euros, while liquid assets approach 7.0 billion euros. Real estate stands at around 14.0 billion euros, with about 11.0 billion tied to habitual residences. Insurance and similar products total roughly 1.3 billion, and luxury goods, including cars, jewelry, and art, amount to around 126 million euros.
The Valencian Community remains the second-highest collector of wealth tax revenue, contributing 156 million euros out of a total 1,203 million euros recorded by the autonomous group for 2020.