According to Knight Frank’s 2014 Wealth Report, in the Greece of crisis and recession, millionaires still exist.
According to the survey, which was published on Wednesday, March 5, there are 721 multimillionaires in Greece compared to 571 in 2003 and 709 in 2012. Knight Frank considers as millionaires those whose fortune exceeds 30 million dollars – excluding the value of their principal residence.
Indeed, Knight Frank estimates that the Greek economy will offer even more opportunities of enrichment in the coming years. They forecast that the Greek multimillionaire club will number 864 members ten years from now.
It is worth mentioning that there are ninety-two Greeks whose fortune exceeds 100 million dollars each (in 2012, there were ninety of them). As for Greek billionaires, they remain static at two.
But how does Knight Frank explain the burgeoning of such wealth in a time of profound crisis? The British company connects it to the rise of Athens’ Stock Exchange. “The Greek economy may have been suffering from recession the past year. However, the stocks in Athens Stock Exchange rose by 25 percent and everyone predicts that the country will finally emerge from the recession within the next year.”
In any case, it will probably be some time before Greek wealth returns to pre-crisis levels, since the number of Greek multimillionaires remains 19 percent lower than in 2007.
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