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Greece has recorded one of the highest rises in wealth in Europe, with nearly 80,000 millionaires and a strengthening of the middle class. However, wealth remains unevenly distributed, with money flowing primarily into real estate.
In its annual report on global wealth, UBS ranks Greece among the most dynamic markets in 2024. Average wealth per adult increased in real terms (local currency, net of inflation) by more than 7%, while the corresponding increase in the median price is also positive. This means that it is not just a “wealthy elite” that has grown even bigger, but a generalized – albeit uneven – strengthening of private wealth.
This development comes after a decade during which Greece experienced a significant decline in wealth, making the current recovery appear spectacular, even though it remains fragile.
Inequality persists
The positive picture becomes clouded when examining the distribution of wealth. Greece’s Gini coefficient stands at 0.60 — one of the highest in Europe. The distribution remains deeply unequal, with the upper segment of the social pyramid holding a disproportionate share of the total wealth.
Greeks invest in real estate
Another distinctive feature of the Greek case is the nature of wealth: UBS noted that only 30–35% of private wealth in Greece consists of financial assets (stocks, bonds, investment products). In contrast, real estate and other illiquid assets dominate.
Greek millionaires approach 80,000
Although Greece does not yet rank among the countries with the highest absolute number of millionaires, it is recording impressive growth. According to the report, the number of Greeks with a net worth exceeding 1 million dollars is approaching 80,000. This is comparable to Portugal (approximately 175,000 millionaires) and significantly lower than Spain, which has over 1.2 million individuals in this category.
The increase is directly linked to the recovery of the real estate market and the gradual revival of high-net-worth investments.
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