What It Means To Be Wealthy In Spain

The Medieval Village of Albarracin, Teruel, Aragon, Spain—one of CNTraveler’s Best Places To Visit in 2025

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Spain repeatedly ranked highly on many travelers’ favorite places in 2024, and several parts of the country are listed on many Best Places to Travel in 2025 lists by Bloomberg and CNTraveler. And in 2024, Spain was the third most searched country for Americans to visit or move to, after Canada and the U.K. (before Mexico and Italy). So, what about staying longer and making Spain your home? How much money would you need to live in Spain, and how much would you need to rent or buy a property? Here’s what it means to be wealthy in Spain.

Spain Is Still A Firm Visitor Favorite

CNTraveler 2024 Readers’ Choice Awards listed Spain in fifth place on the list of Best Countries In The World, citing that Barcelona has two of the Best 50 Bars In The World and the Spanish know how to eat and drink well.

The Canary Islands also feature on Bloomberg’s Best Places To Travel In 2025, namely because the tourist scene has evolved into a marvelous patchwork of opportunities allowing visitors to “hike through vertiginous landscapes, shop in boutiques tucked along cobbled lanes or lie on the beach with a book” on the three largest islands of Tenerife, Gran Canaria, and Lanzarote. Bloomberg cites the latter as the one to visit, with new A-grade resorts and stunning culinary and wine options.

CNTraveler listed Matarraña in Spain on its list of The Best Places To Go In 2025 because of its natural beauty and undisturbed stargazing, not to mention the waterfalls, hiking routes, and sublime villages.

This is despite the increasing strain felt in many key Spanish tourist areas throughout 2024, where the influx of visitors pushed many destinations to breaking point, leading to conflict with locals, protests at rent hikes, and overcrowding. Indeed, Fodor listed Barcelona, Mallorca, and The Canary Islands on its ‘No List’ for 2025, which advised people not to travel.

Being Wealthy In Spain–Spain’s Cost Of Living

When taken globally, a comparison of the cost of living in Spain is lower than it is in many other countries such as the U.S. and France:

France: $1,200 per month for a single person, not including rent.
U.S.: $1,166 per month for a single person, not including rent.
Canada: $1023 per month for a single person, not including rent.
Malta: $801 per month for a single person, not including rent.
Spain: $731 per month for a single person, not including rent.
Thailand: $650 per month for a single person, not including rent.
Portugal: $592 per month for a single person, not including rent.

When comparing EU countries, it’s clear that the cost of living in Spain is far less than in some of its neighbors, namely France, where the cost of living is 25% higher.

However, when you factor in rent, Spain is a little more expensive than its French neighbor, where rent is almost 9% higher on average. However, this might seem reasonable compared to rental costs across the Atlantic, where, on average, rent in Canada is 59% higher than in France, and rent in the U.S. is 52% higher than in France.

Being Wealthy In Spain–Spain’s Average Annual Salary

The average annual salary in Spain was approximately $31,000 (€30,655) in 2023, although this has fluctuated quite a bit throughout the past two decades.

Spain’s average annual salary is on the lower side compared to other EU countries. It is higher than the average annual salary of workers in Portugal, at about $23,000, or Malta at $21,500 (€21,000), according to Malta’s Office of National Statistics.

Spain’s average annual salary is comparable to those found in Italy and Slovenia but lower than those in France, Germany, or Ireland. However, the cost of living in Spain is far lower than in other places across the EU, except for Barcelona and Madrid.

Compared to the U.S. or Canada, this is considerably lower. The average salary in the U.S., depending on the state, varies from $76,000 per year in Massachusetts, New York, and California to about $49,000 in Mississippi, Arkansas, and West Virginia. In Canada, the average salary is about $45,000, depending on the province (CAD 63,013).

Being Wealthy In Spain–The Top 10%

In 2022, the top 10% of earners brought home pre-tax earnings of €95,000 ($97,000), more than nine times the average for the bottom 50% of earners in Spain.

In 2023, the top 10% of earners in Spain brought home a combined total of 34% of Spain’s income before taxes, as per Statista.

Being Wealthy In Spain–Average Net Worth

Most Spanish households obtain their wealth through real estate value; in 2022, the median net wealth was around $186,000 (€181,300). The median value of financial assets held was about $18,000.

Spain is an attractive proposition for visitors and expats who wish to make a European home, either temporarily or permanently. What it means to be wealthy in Spain is significantly lower than in other European countries and the U.S., and it has a lower cost of living.