10% of households are millionaires

At least 10% of households in Malta can be classified as millionaires, according to a new central bank report.

The latest results of the Household Finance and Consumption Survey provide new insight into the financial situations of households in Malta.

According to the survey, the median net wealth for the wealthiest 20% of households is €1.11 million. Since the median of the top 20% represents the 90th percentile of the entire population, this means that the top 10% of Maltese households have a net wealth exceeding €1.1 million.

For this same top 20% group, the median value of total assets (real and financial assets combined before subtracting debt) is even higher, at €1.17 million.

While their main residence remains a major component, it only accounts for 52.8% of their real assets, compared to nearly 90% for their second quintile. Instead, they hold a much larger share in other real estate (36.9%) and self-employment businesses (8.2%).

This group holds a median of €87,500 in financial assets. Unlike lower-wealth households who rely almost exclusively on bank deposits, the top quintile has the most diversified financial portfolio, allocating a larger share to complex instruments like securities, mutual funds and listed shares.

Households in the top net wealth quintile have a median gross annual income of €50,852. Their median annual expenditure is the highest in the country at €18,000.

Meanwhile, a small but distinct segment of the population holds no physical or business-related valuables.

The survey shows that 93.4% of households held some form of real assets in 2022, such as a home, vehicle or business. This implies that around 6.6% of households in Malta own no real assets.

Households without real assets are predominantly renters. For instance, foreign-headed households, who are much more likely to rent than locals, have a significantly lower median real asset value of just €12,000 compared to the national median of €376,200.

Richer in Gozo, poorer in Southern Harbour

The richest regions in Malta are Gozo and Comino and the Western Region. Households in these areas held a median net wealth of €506,000 and €505,000.

Meanwhile, the region with the lowest net wealth is the Southern Harbour. Households in this region have a median net wealth of €253,000.

Self-employed individuals are the wealthiest group in Malta, with a median net wealth of €597,500.

There is also a direct link between higher education and wealth. Households headed by someone with a tertiary education have a median net wealth of €464,030, significantly higher than those with primary or secondary education.

Age also plays a factor. Wealth accumulation typically peaks between the ages of 55 and 64, coinciding with the typical retirement age, at a median of €454,700.

The wealthiest households are also more likely to have received intergenerational transfers, such as gifts or inheritances.

The statistics are based on the household as the primary unit of collection. The survey relies on respondents’ subjective self-assessment of their wealth.