Millionaires

Someone is so concerned about the exodus of millionaires from California to Miami that they have even organized a demonstration

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Silicon Valley is packing its bags at the simple proposal of a new tax that would tax the fortunes of more than a billion dollars. In fact, some millionaires have already taken flight and bought one (or several) mansions in Miami to avoid having to pay for it. Does anyone care so much about this? exodus of millionaires who has even taken the initiative to defend them amid fears that they will abandon California to avoid high taxes. Even has called for demonstrations on the streets of San Francisco. To no one’s surprise, the press who went to cover the event and those who went to mock the demonstration outnumbered those who demonstrated. Doesn’t anyone think about millionaires? Derik Kauffman, a young 26-year-old founder of the AI startup RunRL and fresh out of the Y Combinator project incubator, an entity that was chaired by Sam Altman between 2015 and 2019, he has been the driving force behind the movement “March for Billionaires“. According to collect the local media San Francisco ExaminerKauffman pushed the event to oppose California’s proposed wealth tax and change public perceptions of the wealthy. The young man admitted that he was not aware of any billionaires intending to attend the demonstration defending their interests, but he wanted to show the contribution of great fortunes to the local economy. Rumors of a tax that have caused a storm. Kauffman’s initiative arose in response to the union’s proposal SEIU United Healthcare Workers West to create a 5% tax on fortunes over $1 billion, excluding real estate and pensions. According to the union, this measure would affect about 200 Californian residents and would raise about 100,000 million in the next five years. The proceeds would go to offset the Trump administration’s cuts in education, healthcare and social assistance. The tax would be applied retroactively to those who lived in the state in 2026, but for the initiative to be considered in a November 2026 vote it needs the support of 875,000 signatures. In fact, the initiative does not even have the support of California Governor Gavin Newsom, who is strongly opposed to the tax and work to block it. The march in San Francisco. The demonstration in support of the millionaires took place through some streets of San Francisco, and had “a few dozen” attendees, surpassed by journalists and curious onlookers who came to see the demonstration with their own eyes. As expected, neither Jeff Bezos nor Mark Zuckerberg attended the meeting. In fact, it is not strange. A Harris Poll points out that 74% of Americans consider millionaires to be overrated and 76% believe that they benefit from a poor system. OK to what was published by The Wall Street Journalthe march was led by a banner that read: “Billionaires Build Prosperity: Keep Them in California!” Behind her, just about twenty protesters held banners supporting the millionaires. In front of them they found a group of curious people who had also come to express their ideas and to verify that the march was not a joke. One of them held a sign that read: “I am poor and I am proud.” Reactions of millionaires. Other billionaires living in San Francisco, such as Jensen Huang, CEO of Nvidia, They distanced themselves from the protest and they have agreed to the tax. Huang stated that “we choose to live in Silicon Valley, and whatever taxes they want to apply, so be it. I’m perfectly fine with that.” Other technology leaders have not made public statements, and have simply headed to Florida without giving further explanations. a few weeks ago the founders of Google did it. A few days later, Mark Zuckerberg did itwho after two decades in San Francisco, will change his zip code to that of Billionaire Bunker. However, what the millionaires have started is a lobbying campaign with million-dollar donations so that the measure does not prosper, according to information of Bloomberg. In Xataka | Countries are trying to prevent the accumulation of wealth of technological millionaires. Ancient Rome tried it too Image | March for Billionaires

Countries are trying to prevent the accumulation of wealth of technological millionaires. Ancient Rome tried it too

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The concentration of wealth in a few hands that we see today in technological billionaires is not a new phenomenon. More than two thousand years ago, the Ancient Rome faced exactly the same dilemma that worries today to governments around the world: a few rich people accumulated land and resources, while the majority of citizens became impoverished to the point of bordering on misery. A young politician named Tiberius Sempronius Graceither He thought he found a solution to redistribute the wealth accumulated by the Roman patricians: his idea cost him his life. In the middle of the second century BC, after destroying Carthage and Corinth, Rome had become the dominant power of the Mediterranean. However, this expansion it didn’t make everyone rich equally. For the humblest Roman peasants, it brought a devastating social crisis. The small landowners, who for centuries had cultivated their lands and served in the Roman legions, were displaced by large estates exploited with slave labor brought from the new conquered territories. The long military campaigns had prevented the soldiers peasants return in time to harvest their lands, which affected the economies of their families. Furthermore, upon their return they discovered that their lands had been expropriated by millionaire aristocrats from Rome. Tiberius Sempronius Gracchusgrandson of Scipio Africanus, the general that defeated to the Carthaginian Hannibaland heir to one of the most powerful families in Rome, was guaranteed a brilliant political future. However, in the year 133 BC, being elected tribune of the plebs, he decided to propose an agrarian reform with which he attempted to redistribute the enormous fortunes that Roman landowners had accumulated. Something similar to what is trying to make California and other countries all over the world. Tiberius Sempronius Gracchus With this measure, Gracchus was directly confronting his own people since he himself came from a wealthy family. Its law established that no citizen could own more than 500 iugera (about 125 hectares) of public land, the so-called ager publicus. The plots that exceed that limit will be expropriated and handed over to landless peasants. A measure that, de facto, ended with the large estates in the hands of the richest romans. The objective of the measure was twofold: to restore economic solvency to the Roman people and to ensure that Rome had enough citizens with assets to nourish its legions, since only the owners They could serve as soldiers. Making friends among the richest According to the ancient sources of Plutarch, written between the years 96 AD and 117 AD, Tiberius did not seek to start a revolution against the rich, but to restore old republican laws that had fallen into disuse. To defend his reform, Tiberius gave speeches in front of the impoverished people of Rome. In one of his most famous, which was collected by Plutarchthe young tribune declared: “Their generals deceive them when, in battle, they encourage them to fight for the temples of their gods and for the tombs of their fathers. This is because, of a large number of Romans, not one has his own domestic altar or family tomb. They fight and die to feed the opulence and luxury of others, and, when they claim to be masters of the entire world, they do not even own a piece of land.” The Senate, dominated by large landowners, tried to block the reform by all means. They persuaded another tribune named Octavius ​​to veto the proposal, but Tiberius responded with a bold and unprecedented maneuver: he called for the assembly to remove Octavius ​​from office for acting against the interests of the people. The reform was finally approved and applied by distributing the large estates of the landowners among the Roman peasants. However, when Tiberius attempted to run for a second term as tribune, a practice then considered contrary to Roman tradition, the aristocracy decided he had gone too far. According to the historical documentationduring the elections in the Capitol, a group of senators led by the maximum pontiff Scipio Násica, a relative of Tiberius himself, burst in with a group of followers armed with clubs and with the legs of chairs torn from the Curia. In the sacred place, where swords were not allowed, They beat Tiberius to death and about 300 of his followers. His body was thrown into the Tiber River without allowing his family to bury him. Death of Tiberius Gracchus Ten years later, in 123 BC, Tiberius’ brother, Gaius Sempronius Gracchustook up the cause started by his brother with an even more ambitious program. Caius approved the Lex Frumentariawhich forced the State to distribute wheat among the plebs at prices below the market, laying the foundations of the food subsidy system that would last for centuries. He also proposed extending Roman citizenship to the Italic peoples who fought in Rome’s wars but did not enjoy its benefits. The Senate used populist tactics, warning that Italian foreigners would reduce aid to Roman citizens, and when Caius lost popular supportwas pursued to the Aventine Hill near Rome, where he ordered his faithful slave Philocrates to assassinate him. Nearly 3,000 of his supporters died with him. The legacy that survived violence Although the Senate murdered both brothers, it could not erase their legacy. The reforms that the Gracchi had proposed would finally be implemented decades later by order of Julius Caesar, who had a powerful army that protected him from suffering the same fate. The historians Plutarch and Appian left record of what happened with the Gracchus brothers centuries later, both agreed to portray Tiberius as a politician with solid ideas who looked to Rome’s past to find solutions to the problems suffered by his people. Paradoxically, although the story of the Gracchus brothers happened more than 2,000 years ago, we could find very similar references today with just a quick glance at the news. In Xataka | Mark Zuckerberg is going to change the California sun for Miami. You have 11 billion reasons to do it. Image | Wikimedia Commons (Lodovico Pogliaghi, Guillaume … Read more

They became millionaires searching for dinosaur feces

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Finding gold, diamonds or oil has been the origin of many of the greatest fortunes in history. A stroke of luck or investing in excavations in the right area and at the right time were the key to amassing an enormous fortune. However, sometimes that fortune comes with much less “glamorous” finds. In the United Kingdom at the beginning of the 19th century, coming across the remains of a dinosaur was very striking. But encounter his feces could become a lucrative business made many millionaires lucky. There’s a new gold: dinosaur dung At the beginning of the 19th century, the famous fossil hunter Mary Anning He came across some strange dark and irregularly shaped nodules on the coast of Dorset, a county in the south of England. The paleontologist studied these strange fossilized remains and discovered that they were full of fish scales and small fragmented bones trapped in their structure. That intrigued experts who began studying them in more detail. In 1829, the geologist William Buckland examined them and determined that these remains were fossilized feces of ichthyosaurs and called them coprolites, kopros (dung in Greek) and lithos (stone). These fossils from the Lower Cretaceous (110 million years ago) were preserved in soft, phosphate-rich seabeds. As the writer Martin Sayers highlighted in an article in History Extraalthough they looked like common rocks, their high mineral content triggered a unexpected “gold rush” to find them. in 1845 John Stevens Henslowa Cambridge professor, revealed that these curious fossils not only had a paleontological interestbut they also contained up to 40% phosphoric acid that they had absorbed from the clay soil, and it was perfect for compost after grinding it and treating it with sulfuric acid. William Buckland analyzed coprolites After the Napoleonic Wars, the United Kingdom, like the rest of Europe, suffered a pressing shortage of food, so the fertilizer use that increased crop productivity skyrocketed. In this context, finding raw materials to manufacture these fertilizers became a lucrative business. That is where the depositions that the dinosaurs were dispersing throughout what is now southwestern England come into play. Coprolite fever According to Sayers’ account, in 1858, Robert Walton leased land in Cambridge for £200 per acre per year, which was in itself a small fortune. His intention was to create one of the first open air mines to extract in an industrialized way the numerous coprolites that had been found in the area. The starting signal was given for a business that made many seekers millionaires. Coprolite mine in Trumpington (Cambridge) According the studies At St Mary’s Twickenham University in London, thousands of miners flocked to the area and deep shafts were dug to extract the coveted dinosaur droppings. With its extraction not only did the businessman earn a lot of money, he also paid very juicy salaries. A miner earned 10 shillings a day washing and sorting coprolites, twice as much as a farmer. This caused all agricultural activity in the area to become mining, industrializing the southern part of the United Kingdom. The demand for labor was such that workers and coprolite seekers began to arrive from all corners of the country, making the “coprolite fever“. Fossilized dinosaur poop fetched £3 a ton, and a mine like the one Walton had created produced around 300 tonnes of coprolite. That is to say, if you had enough money to pay the rent for the land and the labor, the profitability of the extraction could make you earn a lot of money. This unleashed madness in Cambridgeshire, Suffolk and Bedfordshire. From 1850, local and foreign miners flooded the county, excavating areas of southern England like burwellReach or Coldham’s Common with simple methods: dig holes 6 to 10 meters deep and scoop out clay with buckets or carts to filter its contents and find the valuable coprolites. According to the historical recordslocal production reached 90% of British phosphate, some 54,000 tons annually in 1877, valued at more than £150,000 a year. The data points Because, in 1874, the dinosaur dung industry contributed around 628,000 pounds annually to the British economy, exceeding by more than 20,000 pounds the contribution made by materials such as tin, which in those years was a key product in United Kingdom exports. The risk of extraction was very high because the clay terrain made the excavations prone to collapses, burying the workers, and diseases from contaminated water plagued the camps of coprolite seekers. Even so, the fever lasted decades and was revived during World War I, driven by demand for phosphorus to make ammunition for the army. However, once declared the armistice in 1918the coprolite mines in the United Kingdom were sealed again and all the product was imported from the US, where the coprolites were closer to the surface and their extraction was much simpler and cheaper. In Xataka | Seven of the ten largest fortunes in the world in 2026 are due to AI: this illustrative graph makes it very clear Image | Unsplash (David Valentine), Wikimedia Commons (United States Geological Survey, Diego Delso, National Portrait Gallery), Cambridgeshire Collections

There is brutal competition to guard the fortunes of the planet’s millionaires. The same guy as always is winning: Switzerland

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The ultra-rich around the world move their millions of dollars in search of the place safer for your fortunes. In recent years, countries in the Middle East and Southeast Asia they have stepped on the accelerator as a destination for the greatest fortunes in the world. However, amid the latest geopolitical tensions, a report from the consulting firm Boston Consulting Group reveals a disturbing fact: Asian millionaires are turning their gaze to the old and reliable Switzerland to protect your wealth. According what was published for him Financial Timesmany Asian millionaires are diversifying the refuge for their assets and, instead of keeping them in their place of residence in Hong Kong, Dubai and Singapore, they prefer to deposit part of their fortune in Swiss banks. Switzerland remains the world’s safe deposit box. According to the report Global Wealth Report 2025 Prepared by Boston Consulting Group, Switzerland managed $2.74 trillion in assets in 2024, which maintains it as the main offshore wealth center in the world. Very close to Switzerland’s management figures are important economic enclaves in Asia such as Hong Kong (which managed 2.65 trillion dollars) and Singapore (with 1.92 trillion dollars in the same year). The study estimates that, by 2029, these three destinations will concentrate almost two thirds of the new cross-border wealth. Boom of the rich in Asia. The study recognizes the enormous growth of Asian and Middle Eastern wealth centers, which have recorded a growth 50% since 2014. However, many of these funds end up in Switzerland, registering a increase in wealth cross-border savings held in the coffers of Swiss banks of 8.7% in 2024, up from 6.3% annually recorded in 2023. That is, although Asia has become a fertile ground for generating wealth, millionaires continue to see Switzerland as a safer place to store it. Geopolitical concerns. One of the main reasons for this behavior of the great fortunes settled in Asia are the political and geopolitical decisions that increase economic uncertainty. An example cited in the report points out that events such as the implementation of the national security law in Hong Kong in 2019 or the Russian invasion of Ukraine in 2022, raised questions about the security of assets in Asia. “Private banking focuses on diversifying geopolitical risk: clients are always looking for safe havens,” declared to Financial Times Giorgio Pradelli, CEO of the Swiss private bank EFG. “Clients increasingly began to feel that, geopolitically, the situation was less predictable and therefore it was important to have assets in different jurisdictions,” says Christian Cappelli, head of Julius Baer’s Asia office in Zurich. Financial Times. That is, they were betting on sending part of their fortune to Switzerland to protect themselves against economic blockades, political changes or war conflicts. London is no longer a refuge. On the other hand, the tax changes that the United Kingdom has implemented have caused London to lose much of your interest for millionaires Asians, putting Zurich back on the map. According to Christian Frie, head of the Asia-Pacific business in Switzerland for LGT Private Banking, the majority of Asian clients managed by his banking entity allocate between 10% and 15% of their assets outside their countries, mainly to Switzerlandaccording to the report The Global Entrepreneurial Wealth Report 2025 prepared by UBS. In Xataka | The rich neighborhoods of Madrid and Barcelona have changed their accent: millionaires from the US and Mexico invest their fortunes in Spain Image | Pexels (Peter Steiner), Unsplash (Chi Lok TSANG)

one with the supercars of Saudi millionaires parked badly

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One of the most important tasks of the traffic police of any big city. Cars in double rows, speeding, parking in wrong places, etc. However, as how they collect British media, this task has intensified especially in the wealthiest area of ​​London, where the great Saudi sheikhs and magnates notice the insignificant amount of a parking fine, less than the tip they leave for the waiter who parks their car. In this context, the recent scene of a Saudi Rolls-Royce raised on a crane and that of a convoy of hypercars blocking the sidewalk in front of a luxury hotel summarizes well the fight that is being fought between the Westminster authorities and an elite that uses the street almost as a private garage. London and the problem of Saudi supercars In the Mayfair neighborhood, near the former US embassy, ​​Westminster City Council has begun to act more harshly against luxury cars parked directly on the sidewalk next to The Chancery Rosewood five-star hotel. “The vehicles are registered abroad (the ones we photographed have Saudi registration plates), so the chances of recovering the costs are practically nil. The owners of the vehicles, which include Rolls Royces and Lamborghinis, are so rich that the fines have little effect,” said a spokesperson for Westminster City Council. According to they explained sources from the council to the British The Standardneighbors complained about wealthy guests parking their luxury cars on sidewalks “Pedestrians should not have to face a sea of ​​illegally and selfishly parked supercars when trying to walk through Westminster.” The response of the authorities has gone one step further and instead of continuing to accumulate fines that many millionaires do not even pay, they have chosen to remove the vehicles with a tow truck when they block the path of pedestrians. Source: Westminster City Council Recently, a Saudi Rolls-Royce valued at about $330,000 was removed with a crane and moved a few streets further, a scene that became for a few minutes an unprecedented urban spectacle, while serving as a warning to navigators of those who decide to park their luxury cars in inappropriate places. The hypercar “sandwich” in front of the hotel However, the joy was short-lived for traffic authorities. A few hours after that withdrawal, the sidewalk opposite the one where the Rolls-Royce retreat took place was once again filled with raised mobile phones, this time to photograph a convoy of four very special cars. Two Bugatti Chirons parked in front of the door of the luxury hotel, flanked by a huge Mercedes-AMG G 63 6×6 and a Rolls-Royce Cullinan. Tap on the image to go to the original message The set, which occupied practically the entire pedestrian space, easily raised more than 9 million dollars on the pavement if the base prices of each model are added. The Bugatti Chiron is announced with a starting price of $2.5 million, including no customization, more than doubling its initial price. For his part, the Mercedes‑AMG G63 6×6 It hardly goes below a million dollars in the most exclusive second-hand market and the Rolls-Royce Cullinan starts at around $325,000 in its basic version. Faced with such a display of supercars (and millions of them), the authorities preferred not to move and, this time, the tow truck did not appear. A luxury that goes beyond the car: the “1 V” license plate Beyond the value of the cars, there was a detail that went unnoticed by many pedestrians who could not help but raise their cell phones to capture the unprecedented moment to upload it. to your social networks: the Saudi license plates, and in particular that of the white Bugatti Chiron that was part of that convoy of supercars. Only a number and a letter were read on its plate, “1 V”, an extremely rare format in Saudi Arabia and which is part of a lucrative market for personalized license plates managed by the Saudi General Directorate of Traffic through electronic auctions. As and how he published Gulf Newsin one of those auctions held on the government platform Absher, the “1 V” license plate reached a bid of more than 10 million Saudi riyals, equivalent to approximately 2.3 million euros at the exchange rate, becoming one of the most expensive license plates that have been auctioned. Tap on the image to go to the original message Behind this bid is Yazeed bin Mohammed Al Rajhi who, in addition to being businessman and rally championis the son of Sheikh Mohammed Bin Abdulaziz Al-Rajhi, co-founder of Al Rajhi Bankone of the largest Islamic banks in the world. Thus, the cost of that small metal rectangle is close to the price of the car, turning this license plate into a symbol of wealth, luxury and exclusivity almost as powerful as the Bugatti Chiron itself. In Xataka | The richest king in the world: his empire covers 17,000 properties, 38 private jets and a collection of 300 luxury cars Image | Westminster City Council, Bugatti

Millionaires from the US and Mexico invest their fortunes in Spain

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In 2025, the luxury real estate market in Spain he has lived a silent movement but constant. Madrid and Barcelona have become the main destinations for investments of the great fortunes from the US and Mexico, which are buying luxury homes in some of the most exclusive urban areas of the main capitals. The data of the General Council of Notaries confirm a clear increase in foreign buyers in high-value transactions, especially in neighborhoods where the price per square meter already moves above 10,000 euros per square meter. The new buyers. The statistics of the General Council of Notaries show that in 2025 the purchase and sale of luxury homes by foreigners maintains considerable weight in Spain. According what was published According to Idealista, in Madrid, operations carried out by foreigners already represent around a fifth (21%) of sales in prime areas. In Barcelona, ​​this percentage is somewhat higher, especially in districts where luxury housing concentrates a large part of the available supply. Within this group, buyers of American and Mexican nationality stand out for the average amount of the operations, well above the market average. Specific neighborhoods and heart-stopping prices. He interest of these buyers concentrates on very specific enclaves. In the center of Madrid, neighborhoods such as Salamanca, Recoletos, El Viso or certain areas of Chamberí accumulate a good part of the operations carried out by large international fortunes. These are areas where the price per square meter easily exceeds 10,000 euros and where it is common for the price of housing to be above one million euros. In Barcelona, ​​the pattern is similar. Districts such as Sarrià-Sant Gervasi, Pedralbes or Ciutat Vella attract foreign buyers looking for unique, rehabilitated or properties with high heritage value. Why the US and Mexico are looking at Spain. Behind this movement there are several factors that reinforce each other. On the one hand, Spain offers legal stability, property security and a relatively predictable tax framework for large assets. On the other hand, Madrid and Barcelona function as international business hubs well connected to America, with frequent direct flights that keep them connected to Miami, Mexico or New York. In the case of Mexico, the cultural and linguistic link also plays a relevant role, while American buyers especially value the relationship between price, quality of life and services compared to other large European cities. In this way, they use their home in Spain as a way to improve your quality of life or as a gateway to your businesses in Europe. They can pay more, so prices skyrocket. The impact of this international demand can be seen in prices. According to data According to Idealista, the average value of housing in Spain has risen around 7.9% year-on-year in 2025, with Madrid and Barcelona leading the rising prices. In the luxury segment, the pressure is even greater due to the scarcity of properties of this type and its high demand. Although these purchases do not compete directly with affordable housing, they do contribute to reinforcing the dynamic of rising prices in the most sought-after areas. The result is a market in which a crowding out effect occurs in which local rich are displaced to other neighborhoods by wealthier millionaires. In this way, Madrid and Barcelona are consolidated as attractive places for millionaires to have their second residence, especially in a context of international uncertainty. In Xataka | How much money do you need to be among the richest 1% in Spain Image | Unsplash (Eddie Pipocas)

a country with octogenarian millionaires and wealth about to change hands

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Forbes Spain has just published your list of the 100 largest fortunes in Spain in 2025. In total, the largest fortunes in the country add up to 258,870 million euros, which is 7% more than the previous year. Beyond the fact that Amancio Ortega repeats for another year as the greatest fortune in Spain, few changes in the names that form itwith respect to other previous lists. However, there is one fact that draws powerful attention: of that total of 258.87 billion euros, 111.2 billion are in the hands of people over 80 years of age. In other words, 42.96% of the great Spanish wealth is concentrated in the hands of octogenarians. Octogenarian fortunes. Forbes data shows a clear pattern: 28 of the 100 largest assets belong to people over 80 years old who together control more than 111 billion euros. If the range is extended to the 70 to 79 age group, the sum of assets increases by 37.2 billion euros, which raises the total wealth in the hands of those over 70 years of age to 148 billion, close to 57% of the total. Spain is, literally, an economy controlled by septuagenarians and octogenarians. This data contrasts with the reality of other countries. For example, in the United States the average age of billionaires is around 65.7 years, according to the report ‘The Wealth Report 2025′ prepared by Knight Frank. In 2014, this average age was 63.3 years. If we focus on the 400 largest fortunes in the US (Forbes 400), the average age rises to 70 years. An aging country in every sense. The case of great fortunes is only a reflection of a broader pattern. According to data According to Eurostat, the average age in Spain is approximately 45.4 years, which places our country among the oldest in the European Union, whose average was 44.7 years in 2024. This demographic structure is also replicated in the business environment. According to data from ‘Global Entrepreneurship Monitor 2024 Report’the number of entrepreneurs under 35 years of age has decreased by 25% in the last decade, while the average age of IBEX 35 directors and directors exceeds 61.2 years, according to data of the CNMV. Fortunes of the last century. Unlike the United States, where the origin of great fortunes It is linked to technological innovation —Elon Musk with Tesla and SpaceX; Larry Ellison with Oracle; Mark Zuckerberg and Meta or Jeff Bezos with Amazon—the greatest Spanish fortunes come from much more traditional sectors. According to Forbes Spain 2025, the dominant branches are textiles and distribution (Inditex, Mercadona, Tendam), banking and investment (Santander, March, Abelló), infrastructure and construction (Ferrovial, Acciona) and tourism (Meliá, Barceló). In the vast majority of cases, these are businesses founded or consolidated in the 20th century and today managed by the second or third generation. They are not fortunes born from disruptionbut of the continuity of the family business. At the gates of the “Great Transfer of Assets”. The aging of the economic elite in Spain anticipates a generational wealth transfer unprecedented in our country. Taking data from Forbes, the 111.2 billion euros controlled by people over 80 will inevitably pass at the hands of heirs or successors in the coming years. This transfer of wealth that, sooner rather than later, the richest in Spain will face, also has different implications. First of all, they must start succession processes. Something that, in the case of Amancio Ortega, for example, is in the hands of his daughter Marta Ortega which currently runs Inditex, but leaves great unknowns in many other financial empires. Furthermore, this transfer of assets between the heirs of great fortunes will contribute to reducing the concentration of capital in a single person, given that this assets are usually distributed between several heirs. In Xataka | “They don’t need half a billion dollars to live”: Mick Jagger refuses to leave a million-dollar inheritance to his eight children Image | GTRES, Mercadona, Ferrovial

The new alcohol law limits bars from placing beer chairs or umbrellas. And now millionaires fear losses

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We’ve been seeing it all our lives. Bars that fill their terraces with umbrellas, napkin rings, tables, chairs, sideboards and other furniture that promotes beer brands. For decades this advertising support was a boon for business. Now the hospitality industry fears that it will become a poisoned gift. The reason: the new law on alcohol and minors promoted by the Government and which already has the endorsement of the Council of Ministers wants to snip that kind of promotion. The locals calculate that the loss of that advertising support it will cost them millions. Blow to the hospitality industry? That’s what seems to fear the sector as a result of the law promoted by the Government to prevent alcohol consumption among young people. Although the regulation has not yet been finalized, the group is already managing a study which warns that it will seriously affect the finances of bars, restaurants, cafes, pubs and other hospitality establishments in Spain. The reason: the bill of Health seriously restricts any advertising sponsorship related to alcohol. And that is a problem for businesses that have been filling for years with awnings, tables, chairs, ashtrays, umbrellas, napkin holders, refrigerators and furniture in general on which beer brands are advertised. What exactly does the standard say? He billwhich can be consulted in the official Congress bulletin and received in march The Government’s endorsement sets some limits on advertising in the sector. Its article 26 is clear about this: “Any direct, indirect or covert form of commercial communication of alcoholic beverages is prohibited, or of products that imitate or simulate being one, or of non-alcoholic beverages that share their brand and differential features with those of alcoholic beverages, including the commercial name, corporate name, symbols or brands of the people or companies that produce said beverages, as well as their distributors when they are exclusively associated with alcoholic beverages on public roads, or places visible from them.” Does it clarify anything else? Yes. The law differentiates between two types of spaces: the ‘most sensitive’ and the rest, where the advertising restriction will be somewhat more flexible. “However, advertising limited to the trade name, corporate name and identifying brands or symbols of the producing companies may be permitted in a perimeter that is more than 150 linear meters from the access to educational centers that teach early childhood education, basic education, post-compulsory secondary education and elementary artistic education, health centers, social and socio-health services, parks and places for children’s leisure.” How will it be applied? In the statement March in which it reports the approval of the Council of Ministers to the Bill, the Ministry of Health clarifies, however, that it will allow the advertising of fermented drinks with less than 0.5% alcohol. Mónica García’s team also points out that the veto will not be immediate: it will come into force twelve months after the publication of the law in the BOE and will not affect “those situations that already existed before that moment”, which suggests that it will not affect the furniture that already exists. A different thing is when it comes time to renew it. Will it affect the sector that much? It seems so. At least that is what a Comprehensive Economic Analysis (AEI) report indicates. advance by The Economist. The analysis, prepared for the Spanish Hospitality and Brewery associations and which is having a notable impact, ensures that the loss of sponsorships from alcohol brands will be quite expensive for bars and restaurants. To be more precise, AEI estimates that it will cost the sector up to 1.7 billion euros. The estimate is based on two figures: a direct cost of around 600 million euros and a drop in sales of between 1,080 and 1,680 million. He AEI report It doesn’t stay there. It also warns that the measure will affect between 8,000 and 10,200 jobs and will be felt beyond bars and cafes, with a reduction in the contribution to the national GDP that it estimates between 900 and 1,176 million euros. The study also suggests that the money that alcohol manufacturers will stop investing in advertising furniture will probably be directed towards other channels, away from small hoteliers and their businesses. Why this suspicion? Although Health has clarified that the measure would still take time to come into effect and will not affect “existing” facilities, the AEI report points out that its wording leaves little room for doubt: “In practice it implies the removal of logos, signs, chairs, tables, umbrellas or napkin rings with beer brands from thousands of bars and restaurants in the country.” His estimate is completed with another from Hospitality of Spain that gives an idea of ​​the scope of the measure. According to their data, of a total of 130,000 bars and cafes in the country, between 70 and 80% incorporate elements sponsored by breweries. Will it affect everyone equally? “If approved, the new law will practically eliminate all this support, forcing the brand’s advertising to be withdrawn, which will have an estimated cost of 12,000 euros per store,” remark the study. The penalty that could be felt especially strongly in areas of Spain where hoteliers work in smaller markets and with less room for maneuver. The Economist slide that about 20% of the municipalities that now have only one bar (235) could see their doors close. Images | Guillaume Flament (Flickr) and Ccalm Film Festival-María del Mar López Morales (Flickr) In Xataka | From prohibiting purchases to prohibiting consumption: the changes in the recently approved draft reform of the anti-smoking law

Although it may not seem like it, meritocracy does exist in Spain. At least among the millionaires

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In Spain, the idea that millionaires are born rich by inheritance It is changing, or at least that is what the various data and analyzes say. Recent figures show that in Spain the number of millionaires has increased “self-made“, scratching space for those who They have inherited their fortune. However, as in so many aspects, the data can tell different realities. Millionaires in Spain according to UBS and Forbes. The report ‘Billionaire Ambitions Report 2024’ prepared by the Swiss bank UBS, reveals that 44% of billionaires in Spain have created their fortune from their own work or investments. However, this figure contrasts with the published data by Forbeswhich show that about 74% of the big millionaires in Spain are rich thanks to inheritances that they have received from their family, leaving only 26% of those who would have obtained it on their own merits. Rich or very very rich: that’s the difference. So, which data is correct, UBS or Forbes? The short answer is both, because the difference is in the type of millionaire analyzed and the sample size. Forbes focuses only on billionaires (with assets in the billions of euros), while UBS includes highest net worth millionairesbut not necessarily at the global peak. According to the study data According to Charles Schwab, it takes $2.3 million to be considered a rich person. But to be considered a UHNWI (Ultra High Net Worth Individuals) or people with a assets available to invest of more than 30 million dollars. Depending on where that threshold is placed, the percentages also change. Heirs and own fortune. If only those who have more than 30 million dollars to invest (the UHNWIs) are taken into account, the percentage of Spanish millionaires who have inherited their fortune drops to the 14% that UBS indicated. This percentage also coincides with that given by the study by Jonathan Wai and David Lincoln which examines the nature of fortunes around the world. According to the data from this study, in Spain 38.4% of millionaires have received an inheritance and have multiplied that money through investments or their own projects, creating a new fortune from a previous financial base, while 47.5% have managed to build their wealth without receiving a significant inheritance. These figures show that meritocracy among millionaires exists, but adds the nuance that, in many cases, this fortune is the result of a combination between inheritance and effort staff. Don’t call it meritocracy: call it environment. When creating a new fortune Not everything is reduced to inheriting money, but it also depends largely on the social environment and the opportunities offered by birth. in a wealthy family. Having access to contacts, preferred education, and financial support increases the chances of success, even for those considered “self-made.” According to a report According to the Social Observatory of the La Caixa Foundation, it takes four generations to rise from a situation of poverty to the middle class. The report ‘To Have and Have Not – How to Bridge the Gap in Opportunities’ prepared by the OECD, points out that the socioeconomic environment of parents contributes up to 75% to the definition of their children’s opportunities. That is to say, a young person born into a wealthy family has more opportunities and economic support to start projects—which may be a failure, but also a resounding success—that a young man with few resources. That family support must also be taken into consideration when labeling “self-made” fortunes. Although this does not detract from the merit. In Xataka | If the question is how much money do you need to be rich, generation Z is clear: more is needed every year Image | Unsplash (Shane)

The Constitutional Court has frozen 6,700 million of the Wealth Tax. Millionaires will have to wait until 2026

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The Constitutional Court has delayed until 2026 its decision on the legality of the current Wealth Tax, a tax that affects some 200,000 taxpayers in Spain and that in recent years has collected more than 6.7 billion euros, according to advanced The Economist. This delay creates a lot of uncertainty about whether the wealthiest taxpayers They may or may not recover the amounts they have been paying since 2021, when the tax went from temporary to permanent and its maximum rate was raised to 3.5%. History of a controversial tax. He Wealth Tax was created in 1977 and was renovated in 1991 to redefine your goals. During the first government of José Luis Rodríguez Zapatero, its tax was annulled, although the figure of the tax as such was not eliminated, and in 2011 it was temporarily reinstated due to collection needs. Since that date it has been extended annually under the label of “temporary” until in 2021 it became permanent and the maximum rate was raised from 2.5% to 3.5%. As and how he collected Five Days In 2021, this change was questioned by the Popular parliamentary group, which filed an appeal before the Constitutional Court arguing that such structural modifications – in short, a new tax was being firmly created – could not be made through a budget law, according to the article 134.7 of the Constitution. If it is found to be unconstitutional, the Treasury should return everything collected from this tax from 2021 with interest to its taxpayers, a payment that part of an estimate of 6,700 billion euros. The impact on taxpayers. Based on jurisprudence, if the Court declares the tax unconstitutional in its current form, only those taxpayers who have previously requested a rectification of their declarations or initiated a refund procedure will be able to recover payments. The rest would not have the right to recover what was paid because, generally, the sentences do not have retroactive effect, as already happened when the Supreme Court declared the capital gain null and void municipal and the payments had to be returned. Ángel Sánchez, partner of the Golden Partners firm, specialized in real estate taxation assured to The Independent who “The lack of certainty about whether the tax is constitutional or not has a direct impact on the economic decisions of taxpayers. Nobody knows if in a year what is paid today will be able to be claimed.” Given this uncertainty, the expert warns that “only taxpayers who have submitted a rectification request or, where applicable, an administrative claim will be able to recover what they paid. Anyone who has not acted preventively will lose that right.” It’s up in the air, but it’s still valid. Something that is tax experts warning is that, although the Wealth Tax is in question, until justice orders actions, they remain in force. That means that if taxpayers don’t pay While the tax remains in force, they could receive sanctions, surcharges and interest for non-compliance, regardless of what the Constitutional Court rules. Sánchez clarifies that “not declaring constitutes a tax violation. The appropriate strategy is to comply with the obligation and, in parallel, present the claim or rectification to keep alive the right to refund”, in this way, the amounts could be claimed if the Constitutional Court orders its repeal. The claim period covers tax years from 2021 to 2024. The future consequences. If the Constitutional Court endorses the constitutionality of the tax, it will remain in force and consolidated as a permanent tax. On the other hand, if it declares it unconstitutional, the Government could approve a new law that respects the appropriate legal procedures to maintain it. A debate could also begin about replacing it with another more uniform tax figure or one linked to the Solidarity Tax of large fortunes, which has had such good results. There could even be a partial declaration of unconstitutionality, reestablishing the previous maximum rate of 2.5% or returning the tax to the temporary nature it had since 2021, which would imply that the Government would have to extend it each year. In any case, the delay in the Constitutional decision keeps thousands of taxpayers waiting for a ruling that will define the immediate future of the tax and the possibility of recovering millions of euros that have been collected in recent years. In Xataka | Spain has increased its census of millionaires: only 27.6% are paying the Wealth Tax Image | Wikimedia Commons (K3T0), Unsplah (omid armin)

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