Spain's high-earner count jumps 28% to record 18,829, with nearly half in Madrid

Data release

Spain’s tax authority, the Agencia Tributaria, published its 2024 personal income tax (IRPF) statistics on Wednesday 1 July 2026. The figures reveal that 18,829 taxpayers reported work income exceeding €601,000 during the 2024 fiscal year, a 27.8% jump over the previous year and the highest count on record. Since 2007, when the crisis began, the number of such high earners has grown nearly 78%, from 10,580 to the current level. These filers make up only about 0.08% of all declarations (0.07% in one report), underlining the narrow top tier.

Geographic concentration

Nearly half of the highest earners live in the Madrid region (Comunidad de Madrid): 44% of them, despite the region accounting for only 16% of all taxpayers. The next largest clusters are Catalonia with 4,040, Andalusia with 1,501, the Valencian Community at 1,375 and Galicia with 707. At the opposite end, Extremadura, La Rioja and Cantabria count 73, 92 and 106 such filers respectively. The self-governing tax territories of the Basque Country and Navarre are not included in these figures.

Tax attractiveness of Madrid

Madrid’s dominance is partly attributed to its favourable regional tax regime. The autonomous region applies the lowest IRPF brackets in Spain: from 8.5% on incomes up to €12,450 to 20.5% on earnings above €300,000, compared with a national scale of 9.5% to 24.5%. In addition, Madrid has virtually abolished wealth tax with a 100% rebate and offers a 99% rebate on inheritance and gift taxes for direct family members, making it a magnet for high-income residents.

Broader income picture

The most common income bracket is €30,000–60,000, covering 5.8 million taxpayers (23.5% of the total). Another 4.6 million declared between €21,000 and €30,000 (around 18.5%, though one source cited 28.5%). In contrast, 12.7 million filers, half of all taxpayers, earn less than €21,000 a year, below the national average wage. At the bottom, 1.5 million tax returns showed zero or negative income, a category that includes recipients of the minimum vital income benefit.

Rising inequality indicators

While those above €60,000 reached 1.58 million in total (including 194,681 in the €150,000–600,000 range), the data show a growing concentration at the top. The jump in ultra-high incomes from 2007 to 2024 outpaces general growth, and the geographical clustering in Madrid reinforces the divide between regions. The tax agency’s statistics provide the first full-year snapshot since the recent economic recovery, highlighting the uneven distribution of earnings across Spain.