Austria’s Millionaires Rise as Wealth Divide Widens

Austria’s Millionaires Rise as Wealth Divide Widens

APA/THEMENBILD/EVA MANHART

 

The number of dollar millionaires in Austria has risen over the past year, with more than 50,000 individuals now holding assets exceeding one million US dollars, according to this year’s Global Wealth Report by the Boston Consulting Group.

Around 400 super-rich individuals collectively possess $350 billion (€323 billion), which amounts to over a third of Austria’s total financial wealth.

Another third is held by 7.2 million Austrians, who possess less than $250,000 each in financial assets.

Austria’s total population stands at 9.16 million.

Globally, nearly 73,000 individuals classified as “Ultra High Net Worth Individuals” hold financial assets exceeding $100 million each. This elite group includes 26,000 individuals in the United States and nearly 8,300 in China. Germany follows with 3,300 super-rich individuals. Together, these ultra-wealthy individuals control nearly 14% of the world’s total financial wealth.

The Austrian Social Democratic Party (SPÖ) has used the findings to renew its call for a millionaire’s tax.

“When 400 super-rich individuals in Austria possess more wealth than 7.2 million Austrians combined, it reflects conditions akin to a monarchy.” SPÖ leader Andreas Babler said in a statement.

Babler also criticised Austria’s comparatively low wealth taxation rates within Europe, highlighting the disproportionate tax burden on labour.

“We must urgently address this injustice to relieve further pressure on citizens, particularly amid looming austerity measures and the government’s precarious budget,” he added.

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