The latest figures indicate that Portugal is home to 1,476 ultra-high-net-worth individuals, defined as people with assets exceeding US$30 million. The increase reflects continued international interest in the country despite changes to tax incentives and residency programmes.

The report suggests Portugal remains attractive because of its political stability, quality of life, favourable climate, safety and well-established luxury property market. Cities such as Lisbon, Porto and areas of the Algarve continue to draw wealthy buyers seeking either permanent residences or second homes.

Globally, the United States remains home to the largest concentration of ultra-wealthy individuals, while China, Germany and Japan also rank among the leading markets. Several countries in Southern Europe have also recorded growth, reflecting continued demand for destinations that combine lifestyle benefits with investment opportunities.

Industry analysts note that while Portugal’s Golden Visa programme has changed significantly in recent years, interest has shifted rather than disappeared. Investors are increasingly focusing on sectors such as investment funds, technology, hospitality and premium real estate instead of residential property purchases.

The study also points to growing global wealth over the past decade, with the worldwide population of ultra-high-net-worth individuals continuing to expand despite periods of economic uncertainty.

Experts believe Portugal is likely to remain competitive in attracting affluent international residents, particularly those seeking long-term stability, access to European markets and a high standard of living.