Vilamoura Marina, Algarve, Portugal
UBS report shows that wealth growth in Portugal mainly benefited large wealth, with average wealth rising, while the value that best represents the typical adult has declined in real terms since 2020.
Portugal had 181,000 people with more than 1 million dollars (around 877,700 euros) in net worth in 2025, 6,000 more than in the previous year, but the median wealth per adult fell in real terms compared to 2020, according to data from UBS.
In the UBS classification, “millionaires” are adults with a net worth of more than US$1 million, including financial and non-financial assets, after deducting debts.
The Swiss bank’s report, published this Tuesday, shows a contrast between the increase in the number of large assets and the evolution of typical Portuguese wealth. In 2025, 2.1% of adults in Portugal had a net worth of more than 1 million dollars, around 877,700 euros.
The number of millionaires grew 3.4% compared to 2024, above the global average, which was 1.5%. Even so, median wealth, an indicator that divides the adult population into two halves, was $76,978, 4.4% less than in 2020, in real terms, adjusted for inflation and expressed in local currency.
The difference between the median and the mean helps explain the picture. Despite the drop in median wealth, average wealth per adult in Portugal increased by almost 7% between 2020 and 2025, to $195,761, around 171,330 euros. The average is more influenced by high wealth, while the median better shows the position of the adult who is in the middle of the distribution.
Portugal appears in 26th place among the 56 markets analyzed by UBS in both median wealth and average wealth per adult. The report estimates that these markets represent more than 92% of the world’s wealth.
The structure of large Portuguese assets remains very dependent on non-financial assets, especially real estate. In 2025, financial assets represented 37% of the gross assets of millionaires in Portugal, one of the lowest weights among the markets analyzed.
Globally, personal wealth grew 10.8% in 2025, the fastest pace since 2017, driven by strong financial markets and the appreciation of non-financial assets. The number of dollar millionaires has increased by almost 1 million, more than 2,600 per day.
UBS points out, however, that the gains were not distributed evenly. In several markets, average wealth has increased while median wealth has declined, pointing to an uneven distribution of wealth growth.
In the Portuguese case, the report shows precisely this divergence: there are more millionaires and average wealth has risen, but the average wealth of adults has declined in real terms since 2020.
