Greece has seen one of the largest increases in wealth in Europe, boasting nearly 80,000 millionaires and a growing middle class. However, wealth distribution remains uneven, with a significant influx into the real estate sector.
According to its annual global wealth report, UBS ranks Greece as one of the most dynamic markets in 2024. The average wealth per adult has risen in real terms (in local currency, adjusted for inflation) by over 7%, and the increase in median wealth has also been positive. This trend indicates that it’s not just a “wealthy elite” that has expanded, but there’s a broader, albeit uneven, growth of private wealth overall.
This turnaround comes after a decade marked by a substantial decline in wealth, making the current resurgence appear remarkable, even though it remains tenuous.
Persistent Inequality
However, the positive outlook is marred when considering wealth distribution. Greece’s Gini coefficient is at 0.60—one of the highest in Europe—indicating significant inequality, with the top tier of society holding an outsized share of total wealth.
Real Estate Investments
A notable aspect of the Greek situation is the composition of wealth: UBS reports that only 30–35% of private wealth in Greece comprises financial assets (such as stocks, bonds, and investment products), while real estate and other illiquid assets are predominant.
Number of Greek Millionaires Nears 80,000
Though Greece does not yet rank among the countries with the highest total number of millionaires, it is experiencing significant growth. The report states that the number of Greeks with a net worth over $1 million is nearing 80,000, comparable to Portugal’s approximately 175,000 millionaires, yet much lower than Spain’s over 1.2 million.
This increase is closely tied to the recovery of the real estate market and the gradual resurgence of investments from high-net-worth individuals.
