Here in Portugal we specialize in making rich foreigners even richer (with things like Golden Visa and a crazilly overinflated housing market that’s even causing some of the worst birthrates in Europe to become even worse, and which mainly makes money for foreign “investors”) hence most of “our” 1% aren’t even local or resident in the country.
Also and not at all specifically for Portugal, the real rich can and do use transnational accounting tricks to look like they’re in fact very poor (such as the “poor” owner of IKEA who didn’t even paid tax in Sweden because he offically owned nothing, though a Foundation in Luxembourg which just so happenned to own IKEA through a complex corporate structure, paid for his life of luxury) so what you see in this chart is mostly not the trully rich but rather the upper middle class.
(This is also, by the way, how the UK has such “low” wealth in the 1% according to this chart: in the country whose capital is the money laundromat of Europe, even mildly rich people can easilly make sure they’re accounting-poor who live of handouts from some charity based in the Channel Islands which just so happens to only ever use the income from its assets - gifed to it tax free by these now “poor” person - to pay for the luxuries of said “poor” person and whose statutes make sure this “poor” person controls it … oh and by the way, some are such huge hypocrites that they loudly proclaim that they “give all their money to Charity”)
Here in Portugal we specialize in making rich foreigners even richer (with things like Golden Visa and a crazilly overinflated housing market that’s even causing some of the worst birthrates in Europe to become even worse, and which mainly makes money for foreign “investors”) hence most of “our” 1% aren’t even local or resident in the country.
Also and not at all specifically for Portugal, the real rich can and do use transnational accounting tricks to look like they’re in fact very poor (such as the “poor” owner of IKEA who didn’t even paid tax in Sweden because he offically owned nothing, though a Foundation in Luxembourg which just so happenned to own IKEA through a complex corporate structure, paid for his life of luxury) so what you see in this chart is mostly not the trully rich but rather the upper middle class.
(This is also, by the way, how the UK has such “low” wealth in the 1% according to this chart: in the country whose capital is the money laundromat of Europe, even mildly rich people can easilly make sure they’re accounting-poor who live of handouts from some charity based in the Channel Islands which just so happens to only ever use the income from its assets - gifed to it tax free by these now “poor” person - to pay for the luxuries of said “poor” person and whose statutes make sure this “poor” person controls it … oh and by the way, some are such huge hypocrites that they loudly proclaim that they “give all their money to Charity”)