Portugal has seen a sharp increase in its ultra-wealthy population, with 725 more individuals holding assets worth at least €25 million compared to five years ago. According to a recent study by British real estate consultancy Knight Frank, the number of ultra-high-net-worth individuals (UHNWIs) in the country rose by almost 50% between 2021 and 2026, from 1,462 to an estimated 2,187.
The influx is not solely driven by foreign millionaires. A significant portion of this wealth is homegrown, particularly among Portuguese entrepreneurs who have sold their businesses in recent years. Helena Seruca, coordinating director of private banking at Banco Carregosa in Lisbon, notes that the post-pandemic period was a turning point. “Especially since the post-COVID period, we have seen these clients’ assets grow following the sale of companies,” she explains.
Private Equity and Business Sales Fuel New Fortunes
Private equity funds have become a major force in Portugal, acquiring stakes in unlisted companies and often leading to outright sales. Bruno Minoya Perez, head of Private Banking at Banco Carregosa, points to a bakery company in central Portugal sold to a French group as an example. “That entrepreneur suddenly received €100 million,” he says, illustrating how a single deal can propel someone into the ultra-wealthy category. Similar consolidation has occurred in sectors like funeral services and law firms, where larger groups buy smaller operators to increase market share.
The ageing of business owners has also accelerated sales. “There are people in their 50s or 60s who no longer want to run the business themselves, or who receive very attractive offers and decide to sell,” Perez adds. This trend has created a new generation of wealthy Portuguese, many from industrial sectors such as footwear, textiles, glass, plastics, and wood, as well as from technology and services.
Foreign Investors and Lifestyle Appeal
Foreigners continue to be drawn to Portugal for its quality of life, climate, safety, and lifestyle. While tax incentives like the Non-Habitual Resident (NHR) regime and golden visas have been scaled back—property purchases no longer qualify for residency—the country remains attractive. “Very wealthy people often come to Portugal just for the weekend, especially to play golf in areas such as Cascais, Comporta, and the Algarve,” says Perez. “Some arrive by private jet, spend a few days, enjoy the experience, and end up buying homes.”
The Alentejo region has also emerged as a luxury destination, with developments like Terras da Comporta, centered around a championship golf course that opened in 2023, attracting international buyers for luxury homes and plots. Israeli and Turkish investors, often involved in real estate in their home countries, see opportunities to buy and refurbish properties in Lisbon and Porto.
Digital nomads have also contributed to the trend. “We saw many foreigners coming to Portugal to work remotely and, as they grew fond of the country, they ended up settling here,” Seruca notes. “They also tend to be financially secure, entrepreneurial people who go on to create businesses.”
Despite changes to tax incentives, the Knight Frank study suggests that international demand may dampen but is unlikely to disappear. Portugal's combination of lifestyle, security, and investment opportunities continues to cement its appeal among the global ultra-wealthy.
