Rachel Sanderson, Columnist

Madrid’s New Arrivals Stir a Toxic Political Stew

Spain’s capital has emerged as a new destination for the global elite

March 4, 2024 at 5:00 AM UTC

Corrected

March 4, 2024 at 8:11 AM UTC

By Rachel Sanderson

Rachel Sanderson is a contributor to Bloomberg Opinion. She was previously a columnist at the Financial Times.

The Salamanca district of Madrid.
Photographer: Bloomberg/Bloomberg

Provide news feedback or report an error

Site feedback:

Take our Survey

This article is for subscribers only.

The 2024 Barnes Global Property Handbook reveals what any Madrileño searching for a restaurant table in Barrio Salamanca could have told you: Madrid has become a hot destination for the moneyed classes. The New York-based property agency for those with $30 million or more put Madrid in fourth place among those cities most popular with world’s rich, up five places from last year.

Remote working, failing states in Latin America, quality education, especially business schools IE and ESCP, have put Spain’s capital squarely on the map of the global super wealthy. South Americans account for 60% of the luxury property buyers, followed by Brits, French and Americans.